According to the Baltic Exchange’s Weekly Market Roundups published on February 3, 2023:
Capesize
As China returned from their Lunar New Year holidays there was hope in some quarters that the market would see a recovery from the steep declines of January. There was optimism that a floor had been found, as there were only marginal daily falls. However, the rot continued with weaker fixtures reported generally and a largely flat C5 West Australia market. The Capesize TC Average finished the week at $3,561. The backhaul C16 route saw limited activity, a fixture from RBCT to Denmark at $6 led the TC route down. There was activity from Brazil and a Newcastlemax fixed at $17.00 for index dates. By the finish, Baltic Capesize fixtures were reported at $15.50/16.00 levels. It was a slow start to the week on the C5 route. As the week progressed all majors were active, with the trading band set between $6.3 and $6.45. Period wise it was quiet, a 2005 177,000-dwt was reported fixed for five to eight months basis prompt delivery China at $13,000.
Panamax
It proved to be another week of steady declines for the Panamax market. With a heavy ballaster list and increased tonnage count, resistance from owners was mostly scarce. This resulted in charterers driving down bids, especially in the Atlantic region with Asia marginally bucking the trend. In the Atlantic, aside from some brief NC South America grain demand in the early part, it has been lacklustre with both P1A and P2A routes. Both came under pressure with little sign of abating. A couple of 76,000-dwt were reported midweek basis aps EC South America delivery for trips across to Continent-Mediterranean at $10,000, which highlighted well the downfall here. In Asia, the market fared marginally better - especially for clean led business. However, with a weak and pessimistic EC South America market South East Asia positions saw little joy. Rates for the limited Indonesia coal trades were severely discounted by the smaller and older units.
Ultramax/Supramax
A story of split fortunes over the last week for the sector. The Atlantic remained in the doldrums with an oversupply of prompt tonnage in the North and South Atlantic. The Continent and Mediterranean lacked fresh impetus. But by contrast, the Asian market saw healthy demand with better levels of fresh enquiry in Southeast Asia. Further north, there was again better demand from the North Pacific and for backhaul requirements to the Atlantic. Although demand for period remained, there was little reported. From the Atlantic, a 61,000-dwt fixed delivery South America for a trip to the West Mediterranean at $12,000, whilst a 63,000-dwt open US Gulf fixed a trip to the Far East with petcoke at around $14,000. From Asia, a 60,500-dwt fixed delivery SE Asia via Dampier redelivery Indonesia at $12,500. Further north, an Ultramax was heard to have fixed a trip delivery North China redelivery Black Sea excluding Russia and Ukraine at $8,000.
Handysize
BHSI made small gains as positive sentiment in Asia continued, as more enquiry entered the market. In Asia, a 32,000-dwt fixed delivery Vancouver for a trip to China with an intended cargo of grains at $12,500. A 32,000-dwt fixed from South Korea to Southeast Asia at $5,500 after failing on subjects for similar business at $4,500 earlier in the week. The Atlantic saw more activity, with a 33,000-dwt fixing from Poland to Turkey with an intended cargo of scrap at $7,500 and a 32,000-dwt fixing from Brazil to China at $14,000 with an intended cargo of logs. A 33,000-dwt fixed from Alexandria to the Spanish Mediterranean at $8,500 with an intended cargo of steels. Period was also more active with a 28,000-dwt fixing basis delivery China for three to five months trading at $9,100. In the Atlantic, a 28,000-dwt was rumoured to have been fixed for around six months at about $9,000.
