Capesize
The Capesize market witnessed an eventful and generally positive week. Early in the week, a subdued start led to cautious attitudes among market participants, with slight declines in the BCI 5TC and C3 index. However, a notable turnaround occurred midweek, as sentiment improved markedly, particularly in the Pacific market. Increased coal demand from East Australia to China and weather conditions impacting operations in China drove a surge in rates. Throughout the week, all three major miners remained active in the Pacific, contributing to upward pressure on rates for both the BCI 5TC and C5 index. Stronger fixtures were reported, with rates reaching as high as $12.10 for C5, a $1.50 increase on the week. Activity in the South Atlantic, particularly from Brazil and West Africa to the Far East, also contributed to the positive momentum, with rates climbing steadily. With a slight tightening of the tonnage list in the Pacific towards the end of the week, sentiment remained buoyant, supported by ongoing demand and firm rates. By the end of the week, the BCI 5TC settled at $23,543, marking a significant improvement from the week’s start.
Panamax
Most of the excitement emanated from the Atlantic again last week. The continued lack of early tonnage in the North had a…