Drybulk

CAPESIZE

The Capesize market started the week on a firmer note but gradually softened as activity failed to gain momentum. The BCI 5TC began positively at $22,311 but declined steadily, closing the week at $20,503. In the Pacific, initial optimism driven by fresh cargo and miner activity was quickly overshadowed by a buildup of tonnage, leading to a steady decline in rates. Offers on C5 slipped from $9.30 early in the week to $8.65 by week’s end, with TC rates struggling to hold above the $20,000 mark. In the Atlantic, sentiment initially supported by tight tonnage in ballast weakened as softer fixtures emerged, particularly on the South Brazil and West Africa to China routes. C3 levels, initially in the high $25s, steadily eroded to the very low $23s, for index dates, with little resistance from market participants. The North Atlantic saw some support from fronthaul activity, particularly with West Africa stems, however, trans-Atlantic cargo remained scarce, adding to the bearish tone.

PANAMAX

A solid week for the Panamax market, as both basins saw sizeable gains. In the Atlantic, an active week saw NC South America as the common driver for both fronthaul and trans-Atlantic demand. $20,000 was seen concluded on 82,000-dwt tonnage delivery Jorf Lasfar for a trip via NC South America redelivery Fareast, whilst further South, rates traded at contrasting levels dependent on date arrivals, voyage cargoes were seen trading at a discount to P6 equivalent but solid demand throughout April into May helped to supported timecharter rates overall. The Pacific market rose steadily throughout the week buoyed by decent demand both ex NoPac and Australia the former seeing rates concluded at $15,000 on several index type units, activity ex Indonesia remained steady rather than spectacular but with firm levels available trips into India, rates for the P5 route gained circa $1,800 week on week as tighter tonnage impacted. Limited period activity, rates varied between $14,500 and $16,500 for 82,000-dwt types for short period.

ULTRAMAX/SUPRAMAX

A rather uneventful week for the sector as the political uncertainty caused a more cautious approach. The Atlantic generally remained steady although there was a more positive feel from the Continent-Mediterranean as brokers spoke of better levels of enquiry. The US Gulf remained relatively flat as brokers were saying rates remained in the mid-upper teens for fronthaul ultramax. The South Atlantic again was finely balanced although a 63,000 was heard fixed delivery Recalada trip to Egypt at $18,000. Demand remained from South Africa, a 64,000 fixing delivery Lagos via Saldanha Bay trip China at $15,000. Otherwise, the Asian arena lost ground as sentiment remained negative. An ultramax was heard fixed delivery Far East for a NoPac round in the mid $13,000s. Otherwise a 64,000 fixed delivery Yangzhou for a trip to Bangladesh at $16,000. Backhaul business was a little subdued although a 52,000 was heard fixed basis delivery Jingtang trip to the Mediterranean at $15,000. Period activity was limited although a 57,000-dwt open Hong Kong fixed for 1 year’s trading in the $13,000s.    

Gas Tankers

LNG

This week, the LNG market experienced a decline, with most routes seeing a drop in rates. On the BLNG1 Gladstone–Tokyo route, 174k cbm vessels gained $400, reaching $27,900 per day, while 160k cbm vessels declined by $600, settling at $17,800 per day. In the Atlantic, the BLNG2 Sabine–UK Continent route saw a $2,500 drop for 174k cbm vessels, closing at $28,000 per day, with 160k cbm vessels also falling by $1,200 to $14,000 per day. The BLNG3 Sabine–Tokyo route posted similar declines, with 174k cbm vessels down $1,700 to $31,400 per day, while 160k cbm vessels dropped by $800, settling at $15,800 per day. In the period market, six-month and one-year rates saw a slight increase. Six-month charters rose by $100 to $28,600 per day, while one-year rates jumped $3,750 to $33,750 per day. Meanwhile, three-year rates remained unchanged at $53,500 per day.

LPG

The LPG market saw a downward correction this week, with rates declining across all routes, reversing last week’s positive momentum. On the BLPG1 Ras Tanura–Chiba route, rates fell by $4.58 to $57.58, while TCE earnings dropped by $5,467, settling at $40,626 per day. This decline reflects weaker sentiment in the Middle East market, due to increasing vessel availability and lack of volumes. In the Atlantic basin, the BLPG2 Houston–Flushing route also saw a softening trend, with rates decreasing by $2.00, closing at $54.00, while TCE earnings declined by $3,254, settling at $52,012 per day. The BLPG3 Houston–Chiba route experienced the sharpest decline, with rates falling by $5.83 to $103.67, while TCE earnings dropped by $4,978, closing at $37,447 per day. This suggests a cooling in the long-haul market, potentially due to reduced arbitrage opportunities.