Baltic Exchange: Maritime market highlights 5-9 May

Capesize

The Capesize market remained in negative territory throughout the short week, with limited signs of recovery across both basins. The BCI 5TC fell by $3,072 week-on-week, closing at $14,169 on Friday. A trans-Atlantic voyage reported midweek featured a shorter duration but yielded a low timecharter equivalent value. Consequently, the C8 route settled at $13,071, which was the primary reason for the losses in the North Atlantic region. In Brazil, there was increased activity for the end of May to early/mid-June laycans. However, the rates decreased day by day, leading the C3 route to close the week at $18,215. Similarly, in the Pacific, miners consistently entered the market but fixed at softer rates, starting from $7.90 and gradually moving to the mid $7s.

Panamax

An active and busy week for the Panamax market culminated in steady gains made in the North Atlantic market. The Atlantic saw improved levels, specifically for grain runs ex NC South America, both for fronthaul and trans-Atlantic, as tonnage count shrank mid-week, with $18,500 and $19,000 concluded on index type tonnage delivery Gibraltar via NC South America redelivery Far East. From the South and for index dates, there was limited activity but rates inevitably grew softer as the week progressed. However, for end-May arrival window, 82,000-dwt type tonnage delivery aps load port averaged out around the $16,500+$650,000 mark. In Asia, it was a fragile week despite reasonable levels of demand, but without the attractive draw from South America, rates for all trips weakened as tonnage count overwhelmed any demand. Limited period demand, but did include late in the week reports of an 82,000-dwt delivery Philippines fixed basis 10/12 months at a rate in the low-mid $12,000s.

Ultramax/Supramax

With widespread holidays at the beginning of the week, it was a rather positional affair, with the Atlantic seemingly remaining the better performing of the two basins from an owner’s perspective. The US Gulf and South Atlantic had slightly stronger demand and rates increased accordingly. A 63,000-dwt was heard fixed delivery US Gulf for a trans-Atlantic run at $16,000. Whilst from the South Atlantic, an ultramax was rumoured fixed from EC South America for a trans-Atlantic run in the mid $20,000s. The Continent-Mediterranean remained patchy, but a 56,000-dwt was heard fixed delivery Spain for a quick trip NC South America at $10,000. The Indian Ocean saw stronger demand as vessels were sort from West Africa for trips via South Africa to the Far East. A 64,000-dwt fixing delivery Tema trip via South Africa redelivery China at $16,000.  Further north, a 66,000-dwt fixed from Umm Qasr to Chittagong at $18,000. From Asia, demand again remained muted and most areas lost ground, including a 63,000-dwt fixing delivery Thailand for a sugar run to Indonesia at $13,000, while a 63,000-dwt fixed delivery CJK trip via Australia redelivery Arabian Gulf at $14,000. Period action was limited, although a 63,000-dwt open WC India was heard fixed for two years.     

Handysize

This week, the market has shown a mixed performance across the regions, with the overall sentiment remaining flat. In the Continent and Mediterranean, market fundamentals remained generally soft with limited visible activity. In the South Atlantic, activity continued at a steady pace with tonnage counts remained stable and supported by some fresh demand, leading to a slight upward trend in rates. A 37,000-dwt was heard fixed delivery Recalada redelivery Mediterranean at $17,000. In the US Gulf, sentiment was poor, with the tonnage count maintaining its length, which continued to put pressure on rates. A 35,000-dwt vessel was fixed at $8,000 for delivery SW Pass and redelivery UK-Continent at $8,000. The Asian market also remained flat, despite a gradual increase in tonnage, with some fresh demand helping to maintain current rates, with no significant changes in cargo volumes to drive rates higher. A 40,000-dwt delivery Hong Kong trip to redelivery Colombia with steels at $12,000. Period activity was sporadic, but a 40,000-dwt fixed delivery worldwide June-July 2025 at 120.5 percent of BSHI for years trading.