Dry Bulk Market: Capesizes Supported by Tightening of Tonnage

The Capesize market maintained a generally firm tone this week, supported by a tightening of tonnage in both the Pacific and North Atlantic, alongside a steady flow of cargo. In the Pacific, early-week momentum was driven by active miners on the C5 route and healthy operator volumes, while a notably shorter tonnage list helped sustain sentiment despite some mid-week stagnation and a holiday-induced slowdown on Thursday. Rates on C5 hovered around the $8.00 mark, although fixing volumes tapered off later in the week. On the South Brazil and West Africa to China routes, the market held relatively stable, though the length of the ballaster list continued to cap upside potential. The C3 index slipped from $19.845 at the start of the week to $19.345 by week’s end. The North Atlantic remained more encouraging, with consistent spot cargoes on both Transatlantic and Fronthaul routes. Tightening tonnage and firm fixtures mid-to-late week culminated in a strong Fronthaul fixture resulting in the C9 index pushing up by $1,126 today to end the week at $38,719.

Panamax

This week was characterized by fragmented activity due to various holidays around the world. In the Atlantic basin, fresh demand was minimal, but with a modest tonnage count, rates remained steady for most of the limited trans-Atlantic and front haul fixtures. Notably, a scrubber-fitted 82,000-dwt vessel delivered in the Spanish Mediterranean secured a rate of $17,750 for a trip via North Coast South America to the Far East. South America saw little change throughout the week, with rates starting to feel some pressure for end-May arrivals in Asia, and only a few fixtures emerging. Asia, also affected by holidays, lacked momentum despite increased coal demand from Indonesia and Australia. Indonesian round coal trips were the most active, starting the week around $11,500 but dropping to approximately $10,850 by week’s end. With minimal support from the FFA market, there was limited period news. However, at the start of the week, an 82,000-dwt vessel delivered in China achieved a rate of $12,000 for 8/10 month’s period.

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