Overall the market was active in both basins, especially with more fixtures reported from the North Atlantic in midweek. With limited cargo interest at the beginning of the week rates remained negative. The West Australia to Qingdao trade failed to maintain the previous week’s level of $11, but climbed back to mid $11s on Thursday before having a marginal decline again on Friday. The ballast trade from Brazil to Qingdao remained above $30, slightly lower than last Friday’s $30.40 week-on-week. In the North Atlantic, the sentiment was said to be better as the week closed for transatlantic round voyages. Despite improving bids, no new benchmark had set further than the last done or actually reflected a higher time charter equivalent value. By end of the week, the transatlantic run settled at nearly $24,000 whilst the transpacific round voyage closed at $14,205. The Capesize 5TC average gained $539 to finish at $18,825 for the first full week of July.


It has been another week which saw further significant losses. A similar pattern emerged in both basins, owing much to a lack of mineral demand in the Atlantic basin and little fresh cargo emerging from both Australia and NoPac in Asia. Transatlantic rates fell sharply to sub $20,000 on inferior described ships whilst reports had an 82,000-dwt delivery North France achieving $31,250 for a trip via US Gulf redelivery Far East. Elsewhere, limited bids were available. Asia still lacked any meaningful cargo both ex Australia and in the north of the region. Consequently, rates came under pressure across the board despite another week of healthy demand from Indonesia. The bid/offer spread on the longer rounds remained wide all week. A 75,000-dwt delivery Korea agreed to $17,000 for a NoPac round trip typifying the lack of support in the region. There was limited period activity, although an 81,000-dwt delivery China accomplished low $23,000s for a 10/12 months period.


A rather tricky week for owners with both basins still under pressure and bearish sentiment remaining in many areas. Very little period surfaced, but a 60,000-dwt was heard fixed delivery Far East August/September dates for two years at 113 percent of BSI. In the Atlantic, the only positivity was seen from the US Gulf region which bucked the overall downward trend. A 52,000-dwt open US East Coast was fixed in the upper $20,000s for a trip to the Mediterranean. It was a positional week from the South Atlantic. A 63,000-dwt fixed a trip delivery Tubarao redelivery Bangladesh at $29,000 plus $450,000 ballast bonus. From Asia, it was a similar situation with sentiment remaining negative due to limited steel demand from the north and a good amount of prompt tonnage in the south. From the north, a 63,000-dwt was heard fixed delivery CJK for a trip to the US Gulf at $26,750. Whilst from the south, a 52,000-dwt open Singapore was heard fixed for a trip via Indonesia redelivery China at around $19,000.


A week of limited activity, brokers said this was mostly due to limited fresh enquiry in both basins putting negative pressure on rates. In East Coast South America, a 36,000-dwt was fixed from Barcarena to Italy with an intended cargo of grains at $22,000. After a slow start in the US Gulf, a 35,000-dwt was fixed for a trip from Port Arthur to Brazil with an intended cargo of soda ash at $9,500. A 36,000-dwt was fixed from Rouen to Morocco with an intended cargo of grains at $15,000. A 36,000-dwt was fixed basis delivery Canakkale via the Black Sea to the US Gulf at $20,500. In Asia, a 33,000-dwt was rumoured to have fixed for a trip from South Korea to South East Asia with an intended cargo of slag at $20,000 and a 34,000-dwt was fixed from Surabaya to Iran for early July delivery in the high $20,000s. All eyes looking to the upcoming week to see if there will be a change in direction.