Dry Bulk Market: Capesize Market Recovering Steadily

Panamax-Kamsarmax The week was characterised by persistent downward pressure across both basins, with the P5TC declining consistently as the week progressed. The Atlantic remained the weaker region by a significant margin, as limited cargo replenishment, subdued grain and mineral demand, and an oversupply of tonnage continued to favour charterers. Reflecting these conditions, an 82,000-dwt open in the North Continent fixed a transatlantic round at $22,500, while a 75,000-dwt secured a similar trip basis delivery East Coast South America at $33,000. Transatlantic activity steadily lost momentum, while fronthaul business came under increasing pressure as owners repeatedly reduced expectations to secure employment. A 93,000-dwt fixed a US East Coast trip to India basis delivery passing Gibraltar at $31,000. Conditions in East Coast South America were particularly challenging, with abundant vessel availability and insufficient enquiry weighing heavily on rates. An 82,000-dwt fixed basis delivery Singapore for an East Coast South America fronthaul at $21,000 early in the week, although levels deteriorated noticeably as the week progressed. The Pacific proved comparatively more resilient throughout the week. Healthy demand from Australia and broadly balanced conditions in Indonesia helped underpin sentiment, although North Pacific activity was more subdued. An 85,000-dwt fixed an East Coast Australia round at $24,000, while an 82,000-dwt secured a similar run at comparable levels. Elsewhere, an 85,000-dwt fixed a North Pacific round voyage at $26,000, while a 76,000-dwt fixed a short Indonesia trip at $21,500.

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