Dry Bulk Market: Capesizes End The Week on Firmer Note

The Capesize market experienced a mixed but ultimately firmer week, with an initial period of weakness giving way to improved sentiment and firmer conditions, although momentum remained uneven across the basins. The Pacific was the main source of pressure early on, with C5 falling from $13.80 to the low $13.00s as two miners remained active but consistently tested lower levels. Despite a midweek recovery in sentiment, activity remained selective, with Friday’s miner business concluded at $13.25, leaving the route below Monday’s opening levels. The South Brazil and West Africa to China markets saw a more pronounced turnaround, recovering from a lack of demand and bids in the early part of the week to a notably active Wednesday when more than 15 C3 fixtures were reported, pushing rates towards $37.00. However, the subsequent slowdown and lower fixtures on Thursday suggested owners were becoming more cautious. The North Atlantic remained the relative outperformer, with stronger transatlantic business lifting the C8 index to $41,000 by Friday, and fresh enquiry emerging across both TA and FH routes. Lower bunker prices also provided some support to TCE earnings towards the latter part of the week. Overall, the market finished the week on a firmer footing, with the BCI 182 opening at $35,944, dipping on Tuesday before recovering steadily to close at $39,395.

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