Capesize

The week delivered a broadly positive performance for the Capesize market, with early strength in both basins before momentum tapered into a quieter finish. The BCI 5TC climbed steadily from the high $27,000s to just over $30,000, reinforcing a firming tone despite Thursday’s slowdown. The Pacific provided consistent support, underpinned by steady miner demand and some early week weather related tightening in North China. Even so, fixtures largely held in the mid-to-upper $10.00s, keeping C5 relatively rangebound. The Atlantic was the main driver of the rally, with strong enquiry from South Brazil and West Africa to China pushing C3 into the mid-to-upper $24s, while tightening conditions in the North Atlantic lifted C8 progressively through mid-week. Firmer bids, increasing fixtures, and improving sentiment supported a solid upswing before activity tapered off toward the week’s close.

 

Panamax

The Panamax market strengthened through the week, with the BPI time-charter average rising from $16,986 on Monday to $17,204 by Thursday. Early softness in the Pacific eased as sentiment improved, though Tuesday saw quieter conditions and owners fixing on spot. By midweek, both Atlantic and Pacific markets firmed, supported by tight regional tonnage and growing fronthaul demand, particularly from the U.S. Gulf. This momentum carried through the week as bullish sentiment intensified, with Atlantic tightness and competing U.S. Gulf and East Coast fronthaul demand driving rates higher. Pacific levels also held firm, with owners increasingly offering above last-done with numerous reported prompt tonnage’s fixing at firmer levels for both longer and shorter pacific round voyages.   

 

Ultramax/Supramax

Overall, the market saw a mixed week. Activity from the US Gulf remained limited, with rates softening and the South Atlantic losing momentum amid a flat outlook. A 58,000-dwt open Bejaia was fixed delivery Brazil to the West Mediterranean with grains at $28,000, while a 64,000-dwt placed on subjects for delivery NOLA to Japan with grains at $32,000 the Continent and Mediterranean there was not much activity and sentiment remained fairly positional. Across the Continent and Mediterranean, activity remained muted, and sentiment was largely positional. In Asia, the week was generally balanced. Despite spot cargoes being largely covered and the cargo book shortening, owners continued to be in demand, helping to close the rate spread. A 50,000-dwt fixed delivery Yokohama for a trip via Kashima to the Arabian Gulf–WC India at $16,500. Period coverage was also active, with a 64,000-dwt open Fangcheng fixed for 5–7 months at $16,500, while a 61,000-dwt open Khalifa 20 November reportedly fixed for a short period in the mid-$16,000s.

 

Handysize

The market experienced a quiet week, with little new information coming through. Conditions in the Continent and the Mediterranean remained steady, with reports of some fresh enquiries and a shortage of prompt tonnage. A 34,000-dwt open Aabenraa fixed for a trip delivery Dordrecht to East Mediterranean with scrap at $18,000. In contrast, both the South Atlantic and the US Gulf were very quiet, with limited reported activity and flat rates. A 38,000-dwt fixed for a trip delivery Rio Grande to Veracruz at $19,000, while a 41,000-dwt open Houston 22-25 November fixed delivery SW Pass trip to China with petcoke at $26,500. In Asia, the market saw a generally balanced day, with most sources describing conditions as quiet and rates holding steady for the time being. A 37,000- dwt fixed for a trip delivery Yantai to Singapore with bulk slag at $10,000.