Drybulk Roundup - Week 23

BRS Weekly Dry Bulk Newsletter– Week 21 (as cited on Breakwave, 27 May) Unexpected Revocation - A Guinea Tale, originally published 22 May 2025

Capesize market rallied amid sustained Brazil–China demand. Early-week C3 fixtures ranged from $18.60–$19.00/mt, before sentiment surged, pushing the Baltic-assessed rate to $21.88/mt by 4 June. Tonnage scarcity in the Atlantic prompted vessels to ballast from the Pacific, gradually tightening Eastern supply. The C5 Australia–China route followed suit, climbing from $8.60/mt in late May to $9.26/mt. The C5TC index mirrored this uptrend, rising from ~$15,000/day on 27 May to ~$19,000/day on 4 June.

Panamax sector saw weakening across both oceans. In the Pacific, vessel oversupply and subdued weather-hit demand led to lower rates despite steady coal flows. Indonesia–China routes slipped below $9,000/day from BKI. In the Atlantic, bearish FFA sentiment and a lengthy ballast list capped South American chartering activity. A few North Atlantic cargoes provided momentary hope, but owners largely resisted lower bids. P5TC slid from ~$10,800/day on 27 May to sub-$9,900/day by early June.

Supramax Pacific rates edged lower as Indonesian coal demand remained muted and Indian Ocean activity slowed. Seasonal monsoon disruptions and a decline in Indian imports weighed further on sentiment. North Pacific rounds hovered around $13,500/day but were under pressure. Meanwhile, period charter interest picked up, with Ultramaxes seeking mid-$13,000s/day for year-long deals.

Supramax Atlantic eased after a temporary lift. The West Mediterranean remained flat amid a scarcity of transatlantic fixtures. Although ECSA was steady early in the week, fronthaul demand tapered off, and West Africa remained heavily oversupplied. A handful of notable fixtures, including an Ultramax ex-Brazil at ~$13,000/day plus a $300,000 ballast bonus, marked the week’s highlights.

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