Capesize

The Capesize market experienced a volatile week marked by sharp swings in sentiment and rates following China’s announcement of new port fees on U.S. linked vessels. Early gains, driven by speculation over potential inefficiencies, quickly reversed as clarity emerged that Chinese-built tonnage would be exempt, triggering a sharp midweek correction. The Pacific market saw notable fluctuations on C5, with rates ranging from the low $12.00s to low $10.00s. However, sentiment edged firmer toward the end of the week on the back of improved operator demand despite limited miner presence. The South Brazil and West Africa to China markets maintained steady activity, with C3 levels softening to the low $23.00s before firming again to close the week in the mid/upper $24.00s. The North Atlantic remained relatively balanced, supported by consistent demand for both transatlantic and fronthaul voyages. The BCI 5TC opened at $28,132, dipped midweek to $24,185, and recovered to $25,882 by week’s end, encapsulating the week’s volatility.
 

Panamax

The USA v China trade/tariff speculation early part curtailed activity with most players holding off trying to work out full implications. During this time physical market fundamentals remained mostly unnerved, despite attempts from a volatile FFA market, physical rates did settle down mid-week and the market appeared steady. Fronthaul demand in the North appeared a little nervous in places with a lack of demand, whilst rates for trans-Atlantic trips settled flat to last done $17,000 achieved on a few occasions for trips via USG/US east coast redelivery Skaw-Gibraltar. EC South America saw a small increase in activity with early November arrivals capturing better numbers, talk of low-mid $15,000’s being agreed, albeit on equivalent levels to route P6. Asia witnessed a firmer week with the NoPac market in particular finding support, $16,500 concluded on an 82,000-dwt delivery Japan for a grain NoPac round, whilst LME tonnage were comfortably achieving upper $16,000 levels for trips via Indonesia to China. Period activity was limited but included $16,000 reported on an 82,000-dwt delivery China basis 6/8 months.


Ultramax/Supramax

After the previous week’s widespread holidays, it was a slightly more positive affair for the sector. The Atlantic was rather positional overall, stronger numbers were seen from the South Atlantic, a 61,000-dwt fixing an EC South American fronthaul at $16,750 plus $675,000 ballast bonus. Elsewhere, a 57,000-dwt open West Africa fixed a trip to China at $20,500. Better demand was seen from the Mediterranean, a 64,000-dwt fixing in the mid $14,000s from Alexandria to the US Gulf. More fresh enquiry appeared in Asia as the week progressed helping rates to improve. A 63,000-dwt open CJK fixing a NoPac round redelivery Bangladesh at $17,000. From the south, a 61,000-dwt fixed a trip from Kalimantan to Bangladesh at $20,000. Backhaul activity returned, a 61,000-dwt fixed delivery CJK trip to West Africa at $14,500. More activity was registered from the Indian Ocean, a 64,000-dwt fixing delivery Tuticorin trip via South Africa redelivery Singapore-Japan at $16,750.


Handysize

Overall, the market remained steady and relatively balanced throughout the week. In the Continent and Mediterranean, activity was limited but sentiment stayed firm, with some routes showing marginal improvements. For example, a 40,000-dwt was fixed from Montoir to Morocco with grains at $21,000. In the South Atlantic, fundamentals held stable, particularly for larger vessels, with a 38,000-dwt reportedly fixed from Upriver to the West Coast of South America at $30,000. In contrast, the U.S. Gulf continued to strengthen, supported by renewed demand and a tightening tonnage list. A 38,000-dwt was fixed delivery Panama City for a trip to the UK-Continent with pellets at $29,000. In Asia, sentiment remained largely positional, with some signs of tightening tonnage in both the North Pacific and Southeast Asia; however, rates were broadly steady. A 39,000-dwt was reported fixed from Zhenjiang to the Arabian Gulf at $18,000. The period market also drew interest, with a 36,000-dwt open in the Far East end October fixing one year at $13,150, while another 39,000-dwt open Vietnam was fixed for 3/4 months at $15,750.