According to the Baltic Exchange’s Weekly Market Roundups published on May 5, 2023:
Capesize
All in all, it has been a rather uninspiring week for the capes. Various holidays in Asia have had a small impact creating perhaps a quieter feel. Volumes from West Australia to China have been relatively low, resulting in a very flat market, although, as the week in Asia comes to an end, there are rumours of slightly better fixtures being concluded. Sources said earlier in the week fresh coal cargoes were emerging from East Coast Australia to China, and the level of fixing activity increased towards the end of the week. The Atlantic started the week with slightly more optimism, brokers said supply of tonnage was tight in the North Atlantic, and fresh enquiry was emerging, both within the Atlantic and fronthaul. Stronger fixtures were concluded by the middle of the week. However, there was a slight shift in sentiment towards the end of the week, with softer fixtures being concluded, resulting in a rather static market.
Panamax
An uneventful week largely fragmented by various holidays spread across the globe. The Atlantic basin saw very little fresh demand, as many charterer/operator business visible in the market cast a false picture as most of these had backstop tonnage behind but, aside mid-week of a mini grain push ex NC South America, this did little to stem the slow erosion of rates all week across all routes. Some voyage fixtures ex EC South America came to light for June dates, with reports of $42.75 fio agreed ex Santos to China. Asia with varying holidays returned little cheer for owners too, with the Indonesian round coal trips being the most engaging beginning the week around the $13,500 mark but slipping to closer to $12,500 by the close. Unsurprisingly, with very little support from the FFA market, there returned limited period news, reports of an 82,000-dwt delivery in China achieving $17,250 basis 5/7 months.
Ultramax/Supramax
A rather uninspiring week overall with holidays in many areas at the beginning, this led to a limited amount of fresh enquiry and a good supply of prompt tonnage. As a result, rates struggled in most regions, brokers saying key areas such as the US Gulf, East Coast South America and Southeast Asia remained positional. From the Atlantic, a 55,000-dwt was heard fixed delivery US Gulf for a trip to Singapore-Japan at $21,500. Further south, a 61,000-dwt was heard fixed delivery Santos for a trip to Chittagong at around $17,000 plus $700,000 ballast bonus. From Asia, limited activity surfaced. An ultramax open Japan fixing a NoPac round redelivery SE Asia-Sri Lanka with grains in the low teens, while a 56,000-dwt fixed delivery passing Singapore trip via Indonesia redelivery India at $10,000. From the Indian Ocean, a lacklustre feel, although a 61,000-dwt was heard fixed delivery East Coast India for a trip to China at $11,000.
Handysize
In a week full of holidays, there was minimal visible activity across the sector leading to negativity across both basins. In the South Atlantic, levels of open prompt tonnage were said to have increased and a 37,000-dwt was fixed basis delivery where ready in Rosario for a trip to the Caribbean at $20,000. The US Gulf also saw minimal prompt enquiry and a 32,000-dwt was fixed basis delivery US Gulf for a trip to East Coast Mexico with an intended cargo of grains at $12,500. In the Eastern Mediterranean a 35,000-dwt fixed basis delivery passing Canakkale via Varna to Tunisia with an intended cargo of grains at $11,000. A 32,000-dwt open in the Caribbean was fixed for 3 to 5 months, with redelivery in the Caribbean at $12,500. In Asia, a 36,000-dwt open in Niihama was fixed for 3 to 5 months at $13,250 and a 36,000-dwt open spot was fixed for 2 to 3 laden legs at $11,500.
