Dry Bulk Market: Capesizes Building Momentum

 

The Capesize market closed the week on a distinctly firmer footing, with gains building across both basins. The BCI 5TC advanced steadily, rising from just over $26,000 at the start of the week to $28,504 by close of play. The Pacific regained strength after a soft start, supported by consistent miner activity and a notable pickup in coal demand, with C5 rates gradually firming into the $10.90–$11.00 range as the week progressed. In the Atlantic, the picture was more nuanced. From South Brazil and West Africa to China, the market retained a clear contango structure, with early October weighed down by supply, while demand later in the month prompted vessels to position for forward laycans. As the prompt window cleared, sentiment improved, with C3 fixtures reported closer to $25. The North Atlantic also showed resilience, with healthy fronthaul demand and transatlantic activity driving notable gains on the back of tightening tonnage availability.

Panamax
Another softer week for the Panamax market as owners continued to feel the recent pressure, particularly in the Atlantic basin where owners’ resistance was hard to find with early tonnage and ballaster tonnage continuing to discount. The P1A route saw a dramatic correction as demand fell away, losing circa $4,000 week-on-week. Activity ex EC South America was minimal for index arrival dates, with earlier date arrivals heavily discounted this despite a sizeable number of deals concluded by grain houses. Asia returned good demand overall, rates appeared to have found a floor mid-week with owner’s resistance appearing more substantiated. Rates of low $14,500’s were seen on index duration trips on index types, whilst much of the Indonesia demand continued to be absorbed by smaller/older tonnage rates hovered around the low-mid $13,000’s mark all week. Period activity was minimal, although reports emerged of an 81,000-dwt delivery Thailand fixed for 2 years, index linked at 112% to the BPI82 index.

Ultramax/Supramax
Mixed fortunes for the owing side this week depending upon where vessels were open. Overall, the Atlantic maintained a healthy volume of demand both from the North and South Atlantic, although as the week came to a close sentiment was a little low from South America. From the US Gulf a 63,000-dwt was heard for 2 to 3 laden legs redelivery Singapore-Japan at $26,000. Further south, a 63,000-dwt was heard fixed basis delivery EC South America for a trip China at $16,500 plus $650,000 ballast bonus. Elsewhere a 52,000-dwt was fixed basis delivery West Africa for a trip via Kamsar redelivery Ireland at $18,750. A different story from the Asian arena despite demand being seen from the north for backhaul business sentiment was rather negative. A 56,000-dwt was fixed basis delivery Surabaya for a trip via Indonesia redelivery WC India at $17,000. Whilst north, a 64,000-dwt was fixed from North China to West Africa at $18,000 but this included steels.

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Baltic index logs third weekly loss on weaker rates across vessel segments

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday and posted its third straight weekly loss, weighed down by weaker rates across vessel types.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 46 points to 778 points, its lowest level since February 2023. The index was down over 21% for the week.

The capesize index (.BACI) slipped 98 points to 983 points, dropping to its lowest level since March 2023. The index extended losses to a second straight week and was down over 29% for the week.

Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, lost $811 to $8,156.

Dalian iron ore futures rose on Friday to log a small weekly gain, aided by resilient demand in top consumer China, even as investors fretted over mounting trade tensions between the United States and China.

The panamax index (.BPNI) fell 30 points to 774 points, hitting its lowest since May 2020. The index fell for the third straight week and was down 13.7% during the week.

Average daily earnings for panamax vessels (.BPWT), which usually carry about 60,000-70,000 tons of coal or grain, decreased by $270 to $6,969.

Among smaller vessels, the supramax index (.BSIS) was down 15 points at 639 points, its lowest since February 2023. The index was down for the fifteenth straight week and fell 14.5% during the week.
Source: Reuters

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Temasek remains invested in Adani Ports, says report | SEA LINE GROUP

Singapore investor, Temasek Holdings (Private) Limited, remains invested in Adani Ports and Special Economic Zone even though the Indian conglomerate is facing criticism from a US-based forensics research institution, according to a media report.

Temasek “remains invested in Adani Ports, as per their latest public shareholding disclosures”, The Straits Times reported on Monday, citing a spokesman for the 49-year-old state-owned investor which has USD 496.59 billion in assets under management as of December 2022.

Temasek, through its subsidiary Camas Investments, owns just over 1.2 per cent in Adani Port, the Singapore broadsheet reported, citing the company’s shareholder information.

The stake was acquired in 2018 for around SGD 147 million. 

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Container shipping stocks decline on lower freight rates | SEA LINE GROUP

South Korean container shipping stocks, which surged after the Covid-19 pandemic, are falling amid concerns about an economic downturn and lower freight rates that have plunged nearly 80 percent from their peak.

Shares of HMM Co., the country’s biggest container shipping company, closed at 19,950 won ($16) on Monday, down 61 percent from their peak of 51,100 won in May 2021. HMM shares have gained up to 16 times since the pandemic but they now remain sluggish.

Shares of exchange-traded funds (ETFs) that track transportation indices on Korea Exchange (KRX) remain low. The KODEX Transportation ETF fell 38 percent from its peak in July 2021. HMM accounts for 18.4 percent of the KRX Transportation Index, the largest after Korean Air Lines Co. at 23.6 percent.

Foreign investors have net sold 133.5 billion won worth of HMM shares from January last year and institutional investors 49.7 billion won. Pension funds in particular offloaded 36.4 billion won in HMM shares.

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