Capesize The Capesize market kicked off the week on a strong note, continuing the momentum from the previous period. Rates in the Pacific surged past $10.00 on the C5 route, creating a noticeable premium over C3 in the Atlantic. However, despite all three major miners being active in the Pacific by midweek, C5 briefly dipped below $10 before recovering slightly towards the week’s end. Meanwhile, the South Atlantic maintained steady gains, with strong early April cargo demand from South Brazil and West Africa to China. A tightening supply of ballast vessels helped push C3 rates toward $23.00, significantly closing the gap with C5. In the North Atlantic, activity remained moderate, with tightening tonnage providing rate support. Despite some midweek volatility, the market ended on a high, with the BCI 5TC rising by $2,817 in a single day and posting a weekly gain of $3,660 to close at $20,084.
Panamax The Panamax sector experienced another turbulent week, despite a steady flow of activity. Midweek discussions suggested that a floor had been reached in both basins, though this seemed premature. By week’s end, rates largely remained sideways. The Atlantic saw a marginal increase in trading volume, but rates and sentiment failed to show meaningful improvement as the tonnage-demand imbalance persisted. In Asia, the market softened as the week progressed, with rates slowly declining. Some vessels found cover near previous levels, but rates trended lower toward the weekend. An 82,000-dwt vessel secured $12,500 early in the week for a North Pacific trip from Japan, though subsequent fixtures hovered closer to $10,500. In period markets, an 82,000-dwt ship with China delivery fixed at $14,000 for one year, while a scrubber-fitted 82,000-dwt vessel agreed to $14,750 for a 5-7 month period.
Ultramax/Supramax It was a mixed week for the Ultramax/Supramax sector. In the Atlantic, market conditions remained largely positional, with steady demand from the Continent-Mediterranean region, though rates remained mostly flat. The U.S. Gulf market faced downward pressure, with a 63,000-dwt vessel fixing a petcoke trip to India at $17,000. South America maintained balance, with a 61,000-dwt ship securing rates in the upper $12,000s, plus a ballast bonus exceeding $200,000. In Asia, uncertainty surrounding Indonesian coal pricing contributed to subdued market activity. Northern routes saw limited demand, keeping rates stable—one 63,000-dwt vessel fixed at $12,500 for a North Pacific round trip from Japan. Another 63,000-dwt ship secured a deal in the $14,000 range for a steel cargo run from China to the Arabian Gulf. The Indian Ocean market showed stronger demand, with a 64,000-dwt ship fixing a Port Elizabeth-to-China trip at $15,500 plus a $155,000 ballast bonus. Period activity was relatively quiet, though a 63,000-dwt vessel open in Vietnam fixed for a three-year period at $13,750.
Handysize The Handysize market displayed mixed performance, with moderate fluctuations in both basins. Sentiment in the Continent and Mediterranean remained weak, with rates slightly declining. A 37,000-dwt vessel fixed for delivery in Otranto, redelivery to North Coast South America, at $7,000. In the South Atlantic, limited fresh inquiries for prompt vessels applied downward pressure on bids. A 38,000-dwt ship open in Itaquai on March 5 secured a fixture from Recalada to South Africa at $14,000. The U.S. Gulf market remained subdued, showing signs of further weakness, with a 37,000-dwt vessel fixing a Dominican Republic-to-U.S. East Coast trip at $8,500. In contrast, the Asian market retained a positive outlook, supported by healthy cargo volumes. One 37,000-dwt ship fixed a trip to Japan at $11,000, reflecting stable demand in the region.
