The Capesize market endured a somewhat traditional post-holiday Q1 drop as the 5TC descended -7760 over the week to settle at $12,407. Trading activity was relatively quiet over the week as news from Brazil reported high rainfall affecting mining operations of iron ore flow. The Brazil to China C3 was expectedly softer as the route settle down to $19.175. The Backhaul C16 route from North China to Europe was one of the harder hit routes over the week seeing the route turn negative by Thursday to settle Friday at -$5275, a negative rating implying the voyage rate received by owners for cargo isn’t enough to cover vessel expenses of the trip. The Pacific managed to maintain a more stable flow of cargo out of West Australia. But even from this region markets cargoes were underwhelming. The West Australia to Qingdao C5 closed the week at $7.014. Looking at the earnings comparison between the busier Transpacific C10 which closed down at $6242 to the Transatlantic C8 at $19,300, possibly reflecting the tighter tonnage situation in the Atlantic that may spark the region with any solid cargo inflow.



The decline in the Panamax market showed no signs of abating this week with further substantial corrections in both basins. In the Atlantic, a distinct lack of mineral demand in the North - as well as a build-up of tonnage count - weighed heavy on the few deals to be reported this week. An 81,000-dwt agreeing to $20,500 midweek for a transatlantic round trip via US east coast. Talk midweek of a floor being found from EC South America appeared premature with Charterers able to pick off tonnage at will at times. South East Asia ballasters, notably the smaller/older units, are now undercutting the larger type vessels. A 75,000-dwt delivery Singapore fixing $20,000 for a trip via EC South America back to the Far East. Asia remained downcast too, Indonesian coal exports continue to be an issue. And, despite some minor support ex Australia, this did little to dent into an ever-growing tonnage count with limited options.


Supramax / Ultramax

Another week in which sentiment remained negative overall. However, there was a change in direction from the US Gulf which saw a slight improvement in rates. Generally, there remained a lack of fresh enquiry in many areas and a solid supply of prompt tonnage availability. Limited period activity was seen but a 53,000-dwt open Karachi was fixed for three to five months trading at $25,000. The only bright spark in the Atlantic was the US Gulf, a 61,000-dwt fixing from here for a trip to the East Mediterranean in the low $30,000s. The Asian basin was split, whilst the lack of cargo remained in the south. Further north, there was a little support for backhaul cargoes and Pacific round business. A 57,000-dwt was heard fixed for a trip from China to West Africa at around $21,000. The Indian Ocean saw a little more activity, a 52,000-dwt fixing a trip from East Coast India area to China in the mid $16,000s.   



Another week of reductions on the BHSI with pressure continuing in the Atlantic basin. Numbers continue to fall on the Continent with a 32,000-dwt rumoured to have fixed from Amsterdam to the US Gulf at $14,000 and a 38,000-dwt open in the Baltic fixing a trip to the US Gulf at $14,000.  A 36,000-dwt fixed Rouen to Morocco at $13,250. In the Mediterranean a 28,000-dwt was fixed for a trip from Canakkale via the Black Sea to the Western Mediterranean with an intended cargo of grains at $19,750.  A 32,000-dwt open in the Sea of Marmara fixed via Turkey for a trip to the Egyptian Mediterranean with an intended cargo of steels at $15,500. In Asia,  a 35,000-dwt open in Fangcheng was fixed for two to three laden legs at $22,000. A 32,000-dwt open in the Arabian Gulf was fixed for two to three laden legs with redelivery Singapore-Japan range at $26,000.