Capesize

The Capesize market reflected a cautiously optimistic tone this week, with firm activity in the Pacific and a gradually improving Atlantic. The Pacific was active throughout, with all three major miners eventually engaging the market. C5 rates softened steadily from early-week highs of $7.60 to $7.35–$7.45 by midweek, although sentiment turned sharply more bullish by week’s end, with owners now asking in the low to mid $8.00s. In the Atlantic, the Fronthaul and trans-Atlantic markets remained underwhelming early on, but signs of recovery emerged by Thursday as improved spreads and fixtures helped lift sentiment. The South Brazil and West Africa to China markets also showed clear signs of revival, with C3 bids firming from the high $17s to around high $19.00s to $20.00. The BCI 5TC fell from $15,132 on Monday to a midweek low of $13,715 before surging to close the week at $17,453, underlining the strong upward momentum seen across the board today.

 

Panamax

The Panamax sector experienced a notable surge this week, particularly in the Atlantic basin. The North Atlantic saw a robust week-on-week gain of nearly $3,000 on the P1A route, while the East Coast South America (ECSA) market surged by approximately 25%. Momentum picked up midweek as tonnage supply tightened across the Continent and West Mediterranean, prompting charterers to swiftly match owners’ offers. A standout fixture included an 82,000 dwt vessel fixed at $20,250 for a trans-Atlantic round voyage from Skaw to the US Gulf. In the South Atlantic, early laycan premiums began influencing index-date fixtures, with several BPI-type vessels securing rates in the mid-$16,000s for trips from India–Southeast Asia via South America. Conversely, the Asian market presented a more subdued picture. Despite steady demand from the North Pacific and Australian regions, tonnage availability remained ample. However, sentiment firmed slightly, leading to modest rate improvements. Owners, buoyed by ECSA momentum, held firmer ideas for Indonesian business. Notably, an 82,000 dwt vessel was fixed at $12,500 for a NoPac round voyage, delivering mid-July from China and redelivering Singapore–Japan.

 

Ultramax/Supramax

A strong week for the sector as a general tightness of tonnage availability and better amount of cargo saw rates improve in most key areas. The South Atlantic saw the Ultramax size gaining in popularity on the back of a strong Panamax market. An Ultramax was heard being fixed in the upper $20,000s for a EC South America trans-Atlantic run. It was a similar story from the US Gulf, with a 56,000 dwt fixing also in the upper $20,000s for a trip to Morocco. Better levels of enquiry from the Continent-Mediterranean, with a 63,000 dwt open East Mediterranean fixing a trip via Egypt to West Africa at $15,000. Better demand was the story from Asia, certainly from the north, with a 57,000 dwt fixing delivery China for a trip to West Africa at $12,500 for the first 65 days thereafter $13,500. Further south, a 63,000 dwt was heard fixed delivery Vietnam for a trip to Bangladesh at $20,500. Period activity maintained a good amount of volume, with a 63,000 dwt open Veracruz fining 9-11 months trading at $15,000, whilst a 61,000 dwt open Malaysia fixed at $13,300 for 10-13 months.

 

Handysize

Overall, the market remained steady and relatively balanced throughout the week. The Continent and Mediterranean regions experienced modest upward movement, as rates edged slightly higher and the market appeared better supported. For instance, a 32,000 dwt was fixed from Canakkale to the West Mediterranean with grains at $11,500. In the South Atlantic, fundamentals stayed stable, particularly for larger vessels, with a 40,000 dwt fixing from Rio Grande to the Continent at $23,000. Meanwhile, the US Gulf showed continued signs of softening. A 39,000 dwt open on the East Coast of Mexico (19–23 July) was fixed via SW Pass to New Zealand at $15,000. In Asia, sentiment remained largely positional. Although the tonnage list is tightening, brokers have noted rising demand on select routes, prompting charterers to increase their bids. A 31,000 dwt was fixed from Jinzhou to Taiwan with general cargo in mid-July at around $9,000.