Capesize
The market started the week lacking apparent momentum, with sentiment broadly flat and activity spread unevenly across basins. The Pacific region provided the main source of liquidity, supported by the constant presence of miners and the constant flow of coal and tender shipments. Despite this, prices remained tight, with C5 trading within a relatively narrow range between the high $12 and low $13. In contrast, the Atlantic Basin has lagged behind, with limited visible activity and a persistent imbalance between available tonnage and cargo. The Southern Brazil and West Africa to China market struggled to gain traction, reflected in wide spreads between bids and the absence of confirmed C3 combinations, while the North Atlantic remained noticeably weak. Momentum improved in the latter part of the week. Increased miner participation has pushed C5 towards $14 for quick dates, while the South Atlantic has gained traction, with C3 combinations moving to mid-$34 to high-$35, narrowing previous spreads. By the end of the week, the market had rebounded from its initial slump, buoyed by a more assertive tone. This improvement was reflected in the BCI 182 5TC, which rose from $38,837 at the beginning of the week to $40,371 by the end of the week.
Panamax
The week saw a clear contrast between the Atlantic and Pacific markets in Panamax. In the Atlantic, sentiment remained weak as a growing cargo list, especially in the north of the continent, coupled with limited demand for grains and minerals across the Atlantic, continued to pressure rates. Fronthaul activity from the US Gulf and the northern coast of South America showed occasional support, but overall levels weakened, with the P1A and P2A indices falling for most of the week despite a modest late recovery. Market sources reported that owners increasingly resisted downside ideas as the week progressed. In contrast, the Pacific market continued to demonstrate resilience, supported by continued demand from Australia, Indonesia and the wider North Pacific region. Steady coal cargo volume and Pacific Basin activity maintained momentum, with modern, scrubber-equipped tonnage continuing to deliver steadier returns. Despite some caution ahead of the regional holidays, sentiment remained broadly positive throughout the week, with lessors remaining active and landlords holding on to prices. As a result, the P5TC recorded gradual gains throughout the week, recording $17,617 on Monday and closing at $18,018 on Friday.
Ultramax/Supramax
The week was fairly quiet for the sector with widespread holidays in many places at the end, and players took advantage and vacated their offices early. The Atlantic was described as spotty, recent demand from the US Gulf eased and there was a slight buildup in express tonnage and prices fell. The South Atlantic remained well balanced. Elsewhere, 56,000 pieces from the Mediterranean were sent to the European Community in India with fertilizer at a price of $18,000. Likewise, the Asian arena has lost steam as demand from Indonesia and further north has slowed. 64,000 dwt were delivered via a North China flight to Sri Lanka at a price of $23,000. To the west, a 63,000 tonne fixed-delivery Chittagong flight via Indonesia re-delivery to India at a price of $19,500. Period coverage was limited although Chittagong is open with a capacity of 60,000 fixed tons for redelivery trading worldwide for 13-15 months at $16,000.
Handy size
The market maintained a cautiously strong tone during the week, although the underlying fundamentals remained fragile and highly dependent on regional dynamics. Conditions were mixed, with the Continent and Mediterranean continuing to struggle amid limited new inquiries and falling prices, while the US Gulf and South Atlantic showed support midweek due to improved cargo flows before sentiment in the South Atlantic weakened towards the end due to spot tonnage increases. Notable combinations included a 37,000 dwt fixed line from SW Pass to Spain with grain at $17,000 and a 38,000 dwt from Recalada to the Mediterranean at $25,000. In contrast, the Asian market gained momentum as the week progressed, supported by tightening load capacity in Southeast Asia and the North Pacific, which encouraged charter airlines to raise bids and support firmer fares; The open Phu My with a capacity of 43,000 tons was heard in themes for a trip to the Far East with salt at a price of $17,000.
Source: Baltic Stock Exchange
