The Capesize market faced mixed fluctuations over the past week, and despite a period of initial weakness, it moved towards improved sentiment and stronger conditions. Meanwhile, the pace of activities across the basins remained uneven.
Pacific Market Situation
At the beginning of the week, the Pacific market was identified as the main source of pressure, with the C5 price dropping from $13.80 to $13.00. Two active miners continuously tested lower levels. Despite improved sentiment mid-week, activities remained selective, and Friday's transactions for miners ended at a price of $13.25, which was below the opening level on Monday.
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While the southern Brazil and West Africa markets to China transitioned from a lack of demand and offers early in the week to a more active state by Wednesday, with over 15 C3 contracts reported, pushing rates towards $37.00. However, reduced activities and lower contracts on Thursday indicated greater caution among owners.
Better Performance in the Atlantic
The North Atlantic was recognized as a relatively better performer, where stronger transatlantic trades pushed the C8 index up to $41,000 on Friday. This occurred alongside new inquiries in both the TA and FH routes. The decline in fuel prices also supported TCE revenues mid-week. Overall, the market closed stronger at the end of the week, with BCI 182 starting at $35,944 and reaching $39,395 by Tuesday.
The market began the week quietly and then moved towards better conditions with increased demand and reduced cargo supply. In the Atlantic, transatlantic inquiries and fronts gradually increased, and rates strengthened due to reduced supply, especially along the western Mediterranean coasts. In contrast, the northern continent was comparatively well-supplied, which created further limitations for price increases.
Ultimately, in the Pacific, strong demand from Australia was the main supporter of price increases. In this trend, a vessel with a capacity of 82,000 DWT was registered for a trip to South China at a price of $22,000, a 90,000 DWT vessel for a trip to Japan at $24,000, and an 81,000 DWT vessel for a trip at $20,500.
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