Capesize

The Capesize market maintained a positive trajectory throughout the week, with the Pacific emerging as the clear driver of overall gains. Despite some midweek volatility, improving miner demand and increasingly competitive fixing levels saw C5 recover strongly, climbing from $13.80 on Monday to $15.20 by Thursday, before easing back to $14.50–$14.60 towards the end of the week. Activity picked up considerably, particularly from Wednesday onwards, with both Port Hedland and Dampier miners covering multiple cargoes and operators increasingly willing to pay into the low-mid $15s. The Atlantic presented a more mixed picture. North Atlantic sentiment remained positive, supported by improving demand on the Transatlantic and Fronthaul routes, while the South Brazil and West Africa to China markets struggled to establish similar momentum. C3 levels softened as the week progressed, with fixtures slipping from around $36 to $35, reflecting limited index-date demand and a widening gap between bids and offers. Overall, the BCI 182 5TC built on its $40,000 level, reaching a high of $43,860 before closing the week at $42,798. Pacific strength and North Atlantic resilience ultimately outweighed continued pressure in the South Atlantic.

 

Panamax-Kamsarmax

The market delivered contrasting performances this week, with the Atlantic maintaining a firm tone while the Pacific struggled to gain momentum. Strong transatlantic demand and limited prompt tonnage supported rates, with an 82,000-dwt fixing around $18,000 for a US East Coast round trip and another at $22,250 basis South Africa for an East Coast South America transatlantic trip. Increasing North Continent tonnage availability offered charterers greater flexibility, while an 82,000-dwt secured $27,350 for a US Gulf fronthaul to China. East Coast South America remained supported by tighter early December tonnage, with an 83,000-dwt fixing at $18,750 plus $875,000 ballast bonus to the Far East and an 81,000-dwt at $18,500 basis retroactive East Coast India delivery. Meanwhile, growing Pacific tonnage availability outweighed Australian mineral demand, with an 82,000-dwt fixing at $22,500 early in the week compared with a 77,000-dwt at $19,000 towards the close. North Pacific and Indonesian activity remained subdued, with an 82,000-dwt fixing at $19,500 and a 76,000-dwt at $17,000 respectively. Period activity included an 83,000-dwt fixing five to seven months at $17,000 and an 81,000-dwt for one year at $18,000, both basis Pacific delivery.

 

Ultramax/Supramax

After declining for two weeks, the 11TC average showed positive returns in the second half of the week due to an improving Atlantic market. The North American market saw extremely limited tonnage for November dates, with transatlantic rates flying to new highs as a 63,000-dwt fixed for grains US Gulf to Continent/Mediterranean at $39,000 and a 64,000-dwt fixed for similar business at $40,000. A 61,000-dwt fixed petcoke to the East Mediterranean at $42,000, and a 64,000-dwt was said to have fixed on voyage on the same route in the mid $40,000s. There were modest gains in the South Atlantic, whilst the Continent and Mediterranean markets remained steady in light trading. Rates slowly softened in Asia as NoPac grains slowed, with a 64,000-dwt fixed for a round voyage at $21,000 and a 63,000-dwt concluded at $27,000 basis North China via NoPac to Bangladesh, whilst backhaul demand remained strong. Further south, the market was affected by a weak Indian Ocean market with ballasting tonnage competing for Indonesian stems, with larger units switching attention to Australian cargoes for better returns. With a falling spot market in the East, there was limited period activity, however a modern 63,000-dwt still managed to fix a strong $24,500 for 6 to 8 months basis delivery CJK.

 

Handysize

The week completed on a steady-to-firmer note, with sentiment largely positional across both basins. Across the Continent and Mediterranean, activity remained limited, although rates began to show signs of firmness towards the end of the week. The 37,000-dwt open Italy fixed for a trip to South Africa with charterers’ option WC India at low $20,000. The US Gulf and South Atlantic showed healthier momentum, supported by fresh demand and a balanced cargo-to-tonnage position, with a number of fixtures reported, particularly from the US Gulf. A 39,000-dwt open Mobile fixed for a trip to UK with pellets at $23,000, while a 37,000-dwt open Santos fixed via Brazil to Singapore–Japan range with parcels at $24,000. Across Asia, sentiment remained positive, with activity gaining pace and several fixtures concluded above previous levels, supported by a generally healthy balance between tonnage availability and cargo demand. A 40,000-dwt open Tomakomai 14-16 Nov fixed via Japan to Taiwan with slag at $19,500.