Dry Bulk Shipping Market: Capesize Leads the Rally

The dry bulk market delivered a generally positive performance during the week, with Capesize vessels driving the upward momentum thanks to robust iron ore transportation activity in the Pacific basin. At the same time, Panamax, Supramax, and Handysize markets continued to show clear regional divergence across global trading areas.

Capesize: Pacific Market Drives Growth

The Capesize segment maintained an upward trajectory throughout most of the week despite trading activity being partially disrupted by public holidays in the United Kingdom and Singapore.

Market sentiment improved significantly on the back of strong activity in the Pacific, where the three major mining companies continued to generate steady transportation demand. In addition, cargoes controlled by vessel operators and a number of fresh tenders further supported chartering activity.

The increase in cargo volume quickly absorbed prompt vessel availability, pushing freight rates on the C5 route (West Australia–China) steadily higher throughout the week. By Thursday, the BCI 5TC index had surpassed USD 50,000 per day, while several fixtures were concluded at levels above USD 17 per tonne.

Toward the end of the week, however, the Pacific market showed signs of moderating despite continued healthy trading activity. Freight rates eased from their weekly highs to around USD 16 per tonne.

In the Atlantic basin, the market started the week relatively quietly but gradually strengthened. Rising cargo demand from South Brazil and West Africa to China supported C3 route rates, which increased from just above USD 36 per tonne to nearly USD 38 per tonne for cargoes with laycans aligned to the index calculation period.

Panamax/Kamsarmax: Pacific Continues to Lead the Market

The Panamax market improved gradually during the week, although performance varied across regions.

In the Atlantic, vessel supply continued to increase while cargo demand remained insufficient to absorb the growing number of open vessels. Although some long-haul cargo opportunities emerged, most involved forward delivery positions, leaving prompt vessels under pressure and forcing owners to adjust their rate expectations.

In contrast, the Pacific remained the primary driver of market strength. Strong export demand from Australia and Indonesia intensified competition for available tonnage, particularly on Australian round voyages.

As a result, the P5TC index rose from USD 20,318 per day at the beginning of the week to USD 21,086 per day by week’s end. The period charter market also maintained relatively steady interest throughout the trading week.

Supramax/Ultramax: Atlantic Holds Firm While Asia Softens

The Supramax segment closed the week with the familiar contrast between Atlantic strength and Asian weakness.

The U.S. Gulf remained a bright spot thanks to a steady flow of fresh cargoes and growing trans-Atlantic demand, helping to support positive sentiment and freight levels.

Meanwhile, the European and Mediterranean markets generally remained balanced to firm, although some brokers suggested that upside potential may be limited in the short term.

South Atlantic conditions remained finely balanced between vessel supply and cargo demand.

By contrast, the Asian market softened due to limited cargo availability, while public holidays across parts of the Indian Ocean region and Singapore slowed trading activity.

This divergence was reflected in fixture levels. A 63,000 DWT vessel was fixed at USD 28,000 per day for a voyage from Newark to Thailand, while a 57,000 DWT vessel secured only USD 23,750 per day for a voyage from Indonesia to India’s East Coast.

Overall, the 11TC index remained relatively stable and ended the week at USD 19,827 per day, with Atlantic strength offsetting weaker conditions in Asia.

Handysize: Stability Supported by the U.S. Gulf and Asia

The Handysize market ended the week with mixed regional performance but remained broadly stable overall.

In Europe and the Mediterranean, market conditions were largely balanced, with freight levels little changed from the previous week.

South Atlantic activity remained under pressure as limited fresh cargo demand coincided with an increasing number of open vessels. A 35,000 DWT vessel carrying grain from the Skaw area via Europe to the Dakar–Abidjan range was fixed at USD 12,000 per day.

Meanwhile, the U.S. Gulf continued to strengthen on improving demand, particularly for larger Handysize vessels. A 40,000 DWT vessel was fixed at USD 23,000 per day for a voyage from Houston to the Caribbean.

In Asia, the market remained relatively stable due to limited vessel availability and a consistent flow of cargoes. A 40,000 DWT vessel carrying steel from Lanshan to Southeast Asia was fixed at USD 19,500 per day.

Market Outlook

The past week's performance highlights the strong support currently enjoyed by the Capesize segment, driven primarily by robust demand for raw materials, particularly iron ore, in the Pacific basin.

Meanwhile, the Panamax and Supramax sectors remain heavily dependent on regional supply-and-demand balances.

If Chinese demand for imported raw materials remains healthy and export activity from Australia, Brazil, and Indonesia continues at its current pace, the dry bulk shipping market is likely to remain supported in the near term.

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Source: Phaata.com (According to Baltic Exchange)

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