Capesize
The week opened with muted momentum, as overall market sentiment remained flat and activity was uneven across regions. The Pacific basin emerged as the primary driver of liquidity, supported by steady miner participation and a consistent flow of coal and tender cargoes. However, freight rates stayed range-bound, with C5 trading within the high $12s to low $13s.
In comparison, the Atlantic basin underperformed, weighed down by limited activity and an ongoing imbalance between vessel supply and cargo demand. The South Brazil and West Africa to China route struggled to build momentum, reflected in wide bid-offer gaps and a lack of confirmed C3 fixtures, while the North Atlantic remained particularly quiet.
Market conditions improved towards the end of the week. Stronger miner demand in the Pacific pushed C5 rates closer to $14 for prompt shipments. At the same time, the South Atlantic market gained traction, with C3 fixtures rising to the mid-to-high $34s and approaching $35, narrowing earlier bid-offer spreads.
By the end of the week, the market showed a modest recovery from its earlier stagnation, supported by a firmer overall tone. This was reflected in the BCI 5TC index, which rose from $38,837 at the beginning of the week to $40,371 by Friday.
Panamax
The Panamax market displayed a clear split between the Atlantic and Pacific regions. In the Atlantic, sentiment remained weak, as an expanding list of available vessels—particularly in the North Continent—combined with limited grain and mineral demand on transatlantic routes continued to weigh on rates.
Fronthaul demand from the US Gulf and North Coast South America provided some intermittent support. However, overall levels softened, with both the P1A and P2A indices trending downward for most of the week before a slight recovery toward the end. Market participants noted that owners became increasingly resistant to lower rate ideas as the week progressed.
In contrast, the Pacific market remained resilient, supported by steady demand from Australia, Indonesia, and the broader North Pacific region. Consistent coal cargo volumes and ongoing basin activity helped sustain momentum, while modern and scrubber-fitted vessels continued to achieve firmer returns.
Despite some caution ahead of regional holidays, overall sentiment stayed positive throughout the week. Charterers remained active, and owners held firm on pricing. As a result, the P5TC index posted gradual gains, rising from $17,617 on Monday to $18,018 by Friday.
Ultramax/Supramax
The sector experienced a generally subdued week, with widespread holidays toward the end prompting many market participants to wrap up activity early. In the Atlantic, conditions were largely positional, as easing demand from the US Gulf led to a slight increase in prompt tonnage and softer rates. Meanwhile, the South Atlantic remained relatively balanced.
