Dry Bulk Market: Capesizes Faced a Challenging Week
The market endured a challenging week, with sentiment deteriorating steadily as limited enquiry and a lack of sustained cargo volume weighed on both basins.
Capesize Market
The BCI 182 5TC fell from $42,798 at the start of the week to $37,251 by the close, representing a significant erosion of earnings and underscoring the loss of momentum from the stronger levels seen in late May.
Panamax-Kamsarmax Market
The week began on a subdued note across both basins, with the Atlantic largely steady and the Pacific under pressure amid limited demand and a growing tonnage list.
- Early weakness in the Pacific saw rates slip with an 81,000-dwt open North China fixing a Pacific round at $19,500
- The Atlantic experienced minimal fixture activity and wide bid-offer spreads
Ultramax/Supramax Market
A stronger week for the sector, the Atlantic saw steady gains made across most areas as the week progressed.
- An uptick in demand from the US Gulf with limited tonnage availability helped the owning side
- A 64,000-dwt fixing a transatlantic run in the low $30,000s and another 64,000-dwt fixing a fronthaul run in the upper $20,000s