The dry freight market faced declining rates and ongoing pressures in the Atlantic last week. While a gradual improvement is observed in the Pacific, weakness in the Atlantic has overshadowed the overall market situation. The 5TC rate has consistently decreased, falling from $43,833 on Monday to $39,363 on Friday.
Increased Activity in the Pacific
The Pacific showed greater resilience, with loading activities in the region picking up pace. On Wednesday, nearly 20 vessels were reported working in this area. The C5 rate was significantly active throughout the week, although its impact on rates was relatively minor. The C5 rate started the week at $13.95, rose above $14, and ultimately reached $14.20 and $14.15.
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Weakening Market Sentiment in the Atlantic
In the Atlantic, conditions remained significantly weak. The C3 rate dropped from low numbers of $37 at the beginning of the week to around $33 on Friday. The long list of port calls added to the imbalance in the market, while demand increasingly focused on November dates. Market sentiment in the North Atlantic also weakened, and limited activities in this region put pressure on the market.
Market conditions gradually improved over the week. The P5TC rate initially decreased but then recovered, ending the week at a higher rate. Additionally, activity from the East Coast of the United States increased, and rates also improved. For example, a vessel of 81,000 dwt was chartered for a trip to South Korea at a rate of $33,500.
Overall, a week with limited activity in the Atlantic and slight fluctuations in rates was recorded. Rates in the Pacific remained generally stable, and the market was overall in a balanced state.
