The Capesize market was under pressure across all routes most of time last week.

The 5TC and BCI showed a minimal sign of improvement mid-week but closed on a much weaker note on Friday. Despite the presence of all the miners in the market for the first time since early October, the west Australia to Qingdao voyage route (C5) came off from the peak on Wednesday at US$16.732 to US$14.264 on Friday, whilst the relevant trans-Pacific route closed at US$41,429 per day.

In the west, Vale fixtures were said to be building with rumours reported on C3 Brazil to Qingdao run at US$37.75 on end November loading dates, reflecting a value of US$42,823 on the China-Brazil round trip later in the week. Both backhaul and fronthaul trips moved sharply lower towards the weekend, recording US$29,000 and US$US$83,100 respectively.


A week of positive gains in the Panamax market, with the Atlantic bouncing back with some eye-catching gains whilst the Asian basin proving to be more passive by comparison.

The Atlantic proved to be well supported in most origins with sturdy demand throughout. The Black Sea provided perhaps the biggest headlines throughout the week, US$42,000 reported paid on an 82,000-dwt delivery India for a trip via Black Sea redelivery Far East is one of the highlights.

Elsewhere an 83,000 dwt was said to have secured US$38,000 for a trans-Atlantic round trip from a north Spain delivery.

Asia was again dominated by solid demand ex-NoPac with firming rates throughout, with rumours of mid US$40,000s circulating in the market.

Indonesian coal demand was steady by contrast with rates fairly constant throughout the week, whilst Australia was dominated by a host of tender cargoes. Period reports included an 80,000 dwt delivery India agreeing a rate of US$33,000 for 11/13 months.


A strong week for key areas in the Atlantic such as the US Gulf, which saw limited fresh tonnage availability.

In contrast, as the week closed, limited fresh enquiry appeared leading to more vessels being available and rates lowering in Asia. Period enquiry was seen, although some suggested a widening gap between owners’ and charterers’ expectations. A 61,000 open Makassar was fixed for five to seven months trading at US$42,000.

In the Atlantic strong numbers from the US Gulf, a 61,000 dwt fixing delivery Veracruz via US Gulf redelivery Far East at US$62,000. It was also rumoured that a 61,000 dwt was fixed from Brownsville via Mississippi redelivery West Coast Central America at around US$70,000. At the start of the week in Asia a 63,000 dwt was fixed basis delivery Singapore via Indonesia redelivery China at US$47,000.

However, as the week closed rates eased: a 63,000 dwt again open South East Asia fixing a trip via Indonesia redelivery China in the low US$40,000s.


This week we have seen east coast South America bring a halt to its recent negative trend, with positive movements including a 39,000 dwt open in Santos fixed via East Coast South America to the Continent with an intended cargo of steels at US$40,000.

The US Gulf region continues to firm with a 38,000 dwt fixing from Galveston to West Africa with a intended cargo of sulphur at US$53,000 and a 38,000 dwt was fixed from Houston for two to three laden legs with redelivery Atlantic at US$35,000.

A 32,000 dwt open in the Baltic was fixed for a trip to the Eastern Mediterranean with an intended cargo of scrap in the high US$30,000s. A 39,000 dwt open in the Newport, UK was fixed for a trip via the Continent to the US Gulf at US$39,000. A 38,000 dwt open in Valparaiso for early November dates has been fixed for a trip to the Continent at US$33,000.

The Baltic Dry Index through 22 October 2021
Source: Baltic Exchange



Another week of modest gains from both Middle East and Atlantic regions.

Rates for 280,000mt Middle East Gulf to US Gulf (Cape/Cape routing) are assessed a point firmer at WS21.5 level, while 270,000mt Middle East Gulf to China rose three points to WS43.2 (a roundtrip TCE of US$2.2k/day).

In the Atlantic, rates for 260,000mt West Africa to China rose two points to almost WS45.5-46 level (a TCE of US$6.3k/day roundtrip) and 270,000mt US Gulf to China is US$10k up on last week at US$5.4875m (a TCE of US$8.9k per day roundtrip).


In West Africa, a tightening position list and higher demand saw the rate for 130,000mt Nigeria/UK Continent climb six points to WS78 (showing a roundtrip TCE of about US$8.2k/day) while the rate for 135,000mt Black Sea/Med rose seven points to WS82 (a TCE roundtrip of about US$3.9k per day). The Middle East market was busy again and the rate for 140,000mt Basra/Lavera pushed up five points to WS50.


In the Mediterranean, the market was firmer and the rate for 80,000mt Ceyhan/Lavera recovered about six points to WS106 (US$6.1k per day TCE roundtrip) while in Northern Europe the market for 80,000mt Cross-North Sea and 100,000mt Baltic/UK Continent remained flat at WS107.5 level (US$450/day TCE roundtrip) and WS80 (a TCE of about US$4.5k per day roundtrip) respectively.

Across the Atlantic, the market peaked early in the week and has eased slightly. Rates for 70,000mt US Gulf/UK Continent slipped two points to just below WS132 (a TCE of US$12k/day roundtrip), while the shorter local voyages dropped 5 points each; 70,000mt Caribbean/US Gulf is now WS146.5 (a TCE of US$15.2k/day roundtrip) and 70,000mt East Coast Mexico/US Gulf is now WS151.25 (translating to a round-trip TCE of US$18.9k/day)


The Middle East Gulf has appeared to be in a state of flux this week. Freight rates on the bigger size vessels have remained largely stable with just enough open enquiry to maintain the same.

On the LR2s TC1 rose 2.16 points to WS 92.16, a round-trip TCE of US$2686/day. The LR1s have stood fast and TC5 55k Middle East Gulf/Japan is still WS125 a round-trip TCE of US$7970/day. The MRs have been tested down a little and 35k Middle East Gulf/East Africa (TC17) is now WS185 (-WS5.42).

The Mediterranean Handy market saw reduced enquiry in West Med at the beginning of the week forcing a downturn in freight levels TC6 30kt Skikda/Lavera is now at WS 166.63 (- WS 15.87). The LR2s, TC15 80k Mediterranean/Japan held steady at around the US$1.7m mark.

The Baltic Handy market saw good activity throughout this week, the uptick in enquiry has driven freight upwards, TC9 30k Baltic/UK-Continent is now WS 151.43 (+ WS 26.07).

On the UK-Continent MRs have been active, and assisted by a busy Mediterranean, saw a midweek spike in freight to WS130 for TC2 37k UK-Continent/US Atlantic Coast then resettling at the end of the week at WS 119.72. TC19 37k Amsterdam to Lagos followed a similar pattern ending up at WS120.36.

On the LR1s, TC16 60k Amsterdam/Offshore Lomé saw an optimistic boost to WS100 this week but looks to have plateaued there for the moment.

In the Americas moderate activity stemmed a similarly modest rise in freight levels. TC14 38k US Gulf/UK-Continent has come up to WS 73.21(+WS 3.57) and TC18 38k from US Gulf/Brazil rose WS 2.86 to WS111.07.

The MR Atlantic basket TCE rose from US$1404/day to US$2202/day.