Drybulk

CAPESIZE

The Capesize market experienced a mixed week, beginning strongly before losing ground as the days progressed. Monday saw the BCI 5TC rise to $13,391, driven by a pickup in Pacific activity and tightening tonnage in the North Atlantic. The Pacific market showed signs of recovery with increased miner activity and improved fixtures, narrowing the earnings gap between C3 and C5 routes. The North Atlantic was bolstered by reports of a significantly stronger fronthaul fixture lifting sentiment. However, momentum slowed midweek. Despite steady cargo inflows, fixing volumes tapered off, and the market flattened out. By the end of the week, momentum faltered, Pacific activity remained subdued amid weather uncertainties developing off the coast of West Australia, while the Atlantic saw muted trading and a widening gap between the bid and the offer on C3. Overall, it was quiet end to the week with the BCI 5TC dropping $739 to $11,555.

PANAMAX

The Panamax market experienced a mixed and volatile week. After a slow start, there were signs of recovery by mid-week, only for activity to taper off again as the week closed. Despite some gains on specific trades, these improvements remain barely above operating costs. Additionally, with only a slight increase in period rates this week, the immediate outlook appears bleak, offering little reason for optimism.

The Pacific market saw some improvement with healthier demand in the north with the highlight being an 82,000-dwt able to achieve $9,250 for a North Pacific trip basis a Korea delivery. Further south, the Australian round trips were more akin to mid-high $6,000’s but market participants monitoring whether the North will assist to drive sentiment higher elsewhere too. As is customary this time of the year, plenty of period activity emerged, mid $12,000’s achieved a few times for 82,000-dwt types delivery China-Korea for short period, whilst the highlight being an 82,000-dwt delivery Korea fixed 5/8 months at $13,750 with a grain house.

ULTRAMAX/SUPRAMAX

The general malaise in the sector continued throughout the week as limited fresh enquiry appeared, and prompt tonnage remained readily available. Rates across the board slid down further as charterers remained in the driving seat. Limited cargo saw a 64,000-dwt fixing from the US Gulf to WC South America in the mid $19,000s. From EC South America, a 58,000-dwt fixed a trip from Santos to Egypt at $12,750. The Mediterranean similarly lacked impetus, a 53,000-dwt fixing from Spain to West Africa at $8,000. From the Indian Ocean, demand remained poor, a 60,000-dwt fixing from South Africa to China at $12,250 plus $125,000 ballast bonus. In Asia, a 55,0000-dwt open N China fixed an Indonesian round in the mid $4,000s. Further south, a 56,000-dwt open Thailand fixed a trip via Indonesia redelivery China at $4,000. Period action remained patchy, a 60,000-dwt open Dammam fixing 5-7 months trading at $12,250. With the upcoming Chinese New Year, fundamentals seem hard to change.

Gas Tankers

LNG

Hopes for a slight revival in spot LNG shipping rates faded quickly this week. The influx of newbuild tonnage into the market, combined with limited cargo demand, created a significant imbalance. Although some stems have shown interest, bids and offers are trending downward, reflecting bearish sentiment.

The BLNG1 Australia–Japan route for both 160k CBM TFDE and 174k CBM 2-Stroke vessels saw sharp declines, with rates dropping by $3,200–3,300. The TFDE index closed at $10,800, while the 2-Stroke index ended at $18,400. Despite these large falls, the Pacific market fared better than the Atlantic, where both BLNG2 and BLNG3 routes experienced even steeper drops.

For BLNG2 Houston–Continent, the 174k CBM 2-Stroke index fell by $4,121, closing at $19,900, while the TFDE equivalent dropped by $4,000 to $12,400. These represent some of the lowest rates observed, especially during a period typically supported by cold weather and low gas inventories. The BLNG3 Houston–Japan route recorded the largest decline of the week, with the 174k CBM 2-Stroke index falling by $5,200 to $25,300. The 160k CBM TFDE index dropped by $4,100, closing at $16,300.

The period market also lacked significant activity. Short-term rates remained unmoved at $24,750 for six-month charters, while one-year and three-year rates fell to $31,325 and $46,550, respectively. The steadiness in shorter periods is attributed to ongoing discussions, but interest in longer-term charters is weak. With an oversupply of vessels, exacerbated by new deliveries, period rates are not expected to recover soon.

LPG

Activity originating from the Middle East Gulf (MEG) this week has largely focused on India, with four reported fixtures concluded near a $60 Baltic BLPG1 equivalent rate. Pure BLPG1 Ras Tanura–Chiba fixtures were limited, contributing less to the market’s momentum. However, rates still climbed by $2 over the week, closing at $59.667. Daily TCE earnings were relatively stable, rising just $852 to close at $39,513 after fluctuating midweek.

In the Atlantic, activity remained muted, with bearish sentiment driven by a lengthy tonnage list and uncertainty surrounding upcoming presidential events. Both BLPG2 and BLPG3 saw downward adjustments. BLPG2 Houston–Flushing peaked midweek at around $58 for February-loading fixtures, but a late-week decline resulted in a $0.50 drop, closing at $56.375 and yielding daily TCE earnings of $52,478. BLPG3 Houston–Chiba experienced a $2 decline, with rates falling further toward the weekend. The Baltic published the final rate at $100.667, with TCE earnings of $34,940.