Capesize
The market enjoyed a convincingly stronger week overall, with sentiment steadily improving in both basins, as lower vessel availability and sustained cargo flows gradually shifted the balance in favor of owners. While the Pacific opened in a relatively stable and subdued manner, the continued presence of C5 miners throughout the week provided an important ground floor for rates. Activity eventually strengthened midweek as comps pushed towards the highs of $15, although tenant resistance resurfaced on Thursday amid a quieter bull day-influenced session, with prices retreating back to near $15.00. The main driver behind the week’s gains came from the southern Brazilian and West African markets to the China markets, where an increase in C3 anchoring activity quickly absorbed express tonnage and significantly reduced vessel availability for boaters in the early to mid-June period. This shift in balance lifted sentiment significantly, with C3 rates rising steadily from a low of $36 to a high of $37 at the peak of the week, before falling back to a high of $36 by the end of the week. The North Atlantic also improved as the week progressed, supported by new transatlantic demand and a progressively tighter load list, resulting in notable gains for both forward and transatlantic rates.
Panamax
The Panamax market maintained strong upward momentum this week, with the P5TC price rising from $20,548 on Monday to $22,691 by Friday. In the Atlantic, business sentiment persisted, driven largely by strong shipping levels, tight ship supplies, and continued grain exports from the north and east coast of South America, while metal demand showed signs of gradual improvement. Transatlantic activity remained relatively balanced but weak, with tight deadlines offset by higher interest rate expectations. In the Pacific, consistent mineral flows from Indonesia and Australia, combined with improving grain demand in the North Pacific, helped rates maintain despite a slightly more cautious tone later in the week. The activity of the period was clear throughout the week, with many clean matches recorded. Overall, rapid tonnage tightening and steady cargo flows supported the positive outlook, with rates remaining stable across both basins.
Ultramax/Supramax
It was a fairly stable week overall for the sector without any significant changes. The Atlantic Ocean remained relatively calm although it was slow on Ascension Day weekend. A constant sound of 52,000 dwt was heard from the western Mediterranean to EC Mexico at $8,000. US Gulf trended sideways, with $63,000 US Gulf to Spain anchoring in the mid-$20,000s. South America saw demand, with the Ultra rumored to be overhauled for around $19,000 plus a $900,000 front-wheel drive ballast bonus. Stronger demand was seen from Asia, which helped keep interest rates relatively steady from the region. Delivery activity saw an open installation of 53,000 dwt in China at a low price of US$19,000 to West Africa, while another 63,000 dwt, China delivery, and the Caribbean leg were installed at a price of US$18,000. Also, a fixed delivery flight from North China with a capacity of 58,000 dwt to Vietnam at a price of $19,500 with a cargo of steel. Period activity was seen, with a 60,000t capacity Chittagong opened in mid-May, with the short period set at $18,000.
Handy size
The manual market remained mixed but broadly firmer this week, with overall gains mainly driven by strong sentiment and healthier demand for goods in Asia, while the Atlantic Basin remained calmer and more concentrated. The continent and the Mediterranean saw limited new activity and only minor changes in prices, while the South Atlantic and the US Gulf were mostly flat, with some declines visible towards the end of the period. A 37,000 dwt voyage from upriver to northern Brazil is set at US$18,500 and a 34,000 dwt voyage from the US East Coast to Denmark is set at US$18,000. In contrast, Asia has been consistently supported by steady trading volumes and gradually improving price sentiment, which has helped the market maintain a steady fundamental tone despite uneven regional performance. The 38,000-ton Philippine Open voyage via Western Australia to the Far East was set at $17,000.
Source: Baltic Stock Exchange
