Capesize

The market resumed after the Easter break with renewed momentum, supported by improved sentiment across both basins and a solid start in the Pacific.

The Pacific remained the key stabilising force, underpinned by consistent miner activity. While rates eased from early highs in the mid-$12s to the high-$11s, the basin maintained a relatively healthy floor, albeit within a more miner-dominated dynamic and with limited operator competition. Sentiment became more nuanced as the week developed. A tentative Middle East ceasefire triggered a sharp correction in oil prices, easing bunker costs and supporting time charter returns, though this in turn applied some pressure to voyage rates. In contrast, the Atlantic basin showed gradual improvement rather than outright strength. The South Brazil and West Africa to China markets saw steady fixing in the high-$29s to low-$30s on C3, supported by a tightening tonnage list and a continuously refreshed cargo book. North Atlantic fronthaul demand emerged as a notable bright spot, lifting earnings, while transatlantic activity remained subdued.

Panamax

With a long weekend at both ends of the week, it was a shorter week than normal, reflecting in a rather cautious week for the sector. The North Atlantic was generally finely balanced although demand from NC South America helped keep owners’ interest, but transatlantic activity remained rather subdued with a good amount of prompt tonnage availability. The South Atlantic continued to gain strength albeit at a slow pace. An 82,000-dwt fixed delivery Haldia via EC South America redelivery Singapore-Japan at $22,500. With the steady stream of enquiry from South America this gave owners options with tonnage coming open in SE Asia. As the week progressed, stronger rates became evident on the Indonesia coal business. A 76,000-dwt fixing delivery Indonesia redelivery China option South Korea at $21,000. Period activity was seen, with an 81,000-dwt newbuilding fixing ex yard China mid-April dates for 10-12 months trading, redelivery worldwide, and scrubber benefit shared equally at $19,000.

Ultramax/Supramax

Despite the short week, overall positive momentum gained pace across most areas. In the Atlantic, the US Gulf saw increased demand and rates accordingly rose. A 64,000-dwt was heard fixed for a trip delivery US Gulf redelivery Singapore-Japan in the $23,000s. From the South Atlantic whilst fresh fixing was kept under hat, brokers spoke of a finely balanced affair as demand and supply kept pace. Little fresh enquiry was seen from the Mediterranean-Continent areas and the area remained rather subdued. Momentum gathered pace throughout the week from Asia as better levels of enquiry were seen both from North and South Asia. A 64,000-dwt open Philippines fixing in the low $20,000s for an Australian round. Whilst another Ultramax fixed also in the low $20,000s for delivery passing Singapore trip via Indonesia redelivery India. There was also demand from the Indian Ocean for coal from South Africa, as Ultramax vessels fixed around the mid $20,000s and mid $200,000s ballast bonus for South Africa to India/Pakistan. Period interest remained as Ultramax vessels seen in the $18,000s delivery SE Asia for short period.

Handysize

The market remained mixed and broadly subdued throughout the week, with only limited day-to-day movements in rates. The Continent and Mediterranean continued to see a lack of fresh inquiry, keeping activity muted and rate levels largely unchanged. A 35,000-dwt vessel was reported fixed for a trip from Safi to South Spain at $8,500. The US Gulf remained the weakest region, as persistent tonnage oversupply and limited demand continued to weigh on rates; a 36,000-dwt vessel was rumoured on subjects from SW Pass to Atlantic Colombia at $7,000. In contrast, the South Atlantic emerged as the strongest area, with tightening tonnage and intermittent demand lending support to firmer sentiment. A 38,000-dwt vessel was rumoured fixed from Recalada to Morocco at $20,000. Across Asia, conditions were broadly balanced to slightly positive. While activity remained relatively modest, a steady flow of cargoes and gradually improving rate expectations helped sustain a stable market tone. A 35,000-dwt vessel open in North China on 11 April fixed a clean cargo trip to Southeast Asia at mid-$11,000 levels.