Page 10 - MUMBAI - 10 MARCH 2025

EXIM
6 INDIA newsletter Mumbai & Western India, Monday, March 10, 2025

Baltic Exchange Market Report (7 March 2025)

Capesize Handysize
THE Capesize market started the week strong, carrying last This week, the market showed a mixed performance, with
week’s momentum forward. Rates in the Pacific surged past modest movements observed across both basins. Sentiment in
$10.00 on C5, creating a notable premium over C3 in the Atlan- the Continent and Mediterranean regions appeared generally
tic. However, despite all three major miners being active in the weak, with rates drifting slightly below previous levels. For in-
Pacific by mid-week, C5 dipped below $10 before rebounding stance, a 37,000-dwt reported fixed delivery Otranto redelivery
slightly toward the week’s end. Meanwhile, the South Atlantic North Coast South America at $7,000. Meanwhile, in the South
steadily gained ground. Early April cargo demand from South Atlantic, there were limited new inquiries for prompt vessels,
Brazil and West Africa to China remained strong, supported by which led to downward pressure on bids. A 38,000-dwt open
a tightening of vessels in ballast, driving C3 rates toward $23.00, Itaquai March 5 fixed delivery Recalada redelivery South Africa
considerably closing the gap between C5. The North Atlantic at $14,000. On the other hand, the US Gulf market remained
saw moderate activity throughout the week, with tightening subdued and showed signs of weakening support. A 37,000-
tonnage lending support to rates. Overall, despite some mid- dwt fixed delivery Dominican Republic and redelivery US East
week volatility, the market ended on a positive note. The BCI Coast at $8,500. In contrast, the market in Asia remained posi-
5TC rose by $2,817 on the day and gained $3,660 over the week tive, as the cargo book displayed healthy volumes. A 37,000-dwt
to close at $20,084. reported fixed a trip to redelivery Japan at $11,000.
Panamax Clean
Despite healthy activity, the Panamax sector continued on LR2
its turbulent path this week. Some talk mid-week of a floor be- MEG LR2s showed positive signs of recovery this week with
ing reached in both basins, which could be argued is premature. increased activity. The TC1 75kt MEG/Japan index ticked up
However, we do end the week with rates mostly broadside. The 6.11 points to WS130 and TC20 90kt MEG/UK-Continent as-
Atlantic witnessed marginally better volume spread across the sessments remained around the $3.3m level.
various usual trading routes, but rates and sentiment failed to West of Suez, Mediterranean/East LR2s of TC15 held around
improve with the tonnage/demand spread still weighing heavily the $2.85m level it reached last week.
on the former. A softening week in Asia as the week developed, LR1
nothing drastic but rates slowly eroded away as some ships were MEG LR1s have been seemingly not quite as active as their
able to find cover at close to last done. However rates eased as we larger counterparts this week. The TC5 55kt MEG/Japan index
hit the weekend. $12,500 achieved early part on an 82,000-dwt subsequently came down a modest 3.75 points to WS134.69. A
delivery Japan for a NoPac trip; however rates now akin closer voyage west on TC8 65kt MEG/UK-Continent dipped from
to $10,500 levels. Period news included an 82,000-dwt delivery $2.73m to $2.67m.
China achieving $14,000 basis 1 year period, whilst a scrubber On the UK-Continent, LR1s have been lacklustre this week.
fitted 82,000-dwt type delivery China agreeing to $14,750 basis The TC16 60kt ARA/West Africa index dropped from WS123.61
5/7 months. to WS113.33.
Ultramax/Supramax MR
A rather mixed week for the sector. Overall, the Atlantic MRs in the MEG peaked early in the week, the TC17 35kt
was described as positional. Whilst demand was seen from the MEG/East Africa index topped out in the low WS220s; it has
Continent-Mediterranean, rates generally remained rather flat. since dropped back down WS211.79.
Downward pressure was seen from the US Gulf, a 63,000-dwt UK-Continent MRs freight rates have been chipped
fixing a trip to India with petcoke at $17,000. From South Amer- away at across the course over last 5 days. The TC2 index
ica again it was seen as fairly balanced with a 61,000-dwt fixing 37kt ARA/US-Atlantic coast has dropped from WS152.5 to
in the upper $12,000s plus upper $200,000s ballast bonus. From WS135. Assessed at this level, the Baltic description round-
Asia, with the uncertainty of the Indonesian coal pricing, this led trip TCE for the run is about $13,500/day. The TC19 run of
to a rather subdued market and limited action reported. From 37kt ARA/West Africa followed suit the TC2 with the index
the north, demand remained again, rates generally remaining currently marked at WS157.81 which is $19,216/day Baltic
flat and 63,000-dwt fixing delivery Japan for a NoPac round at round-trip TCE.
$12,500. A 63,000-dwt was also heard fixing in the $14,000 for In the USG, MRs look to have bottomed out for the moment
a steel run from China to the Arabian Gulf. Better demand was with slower activity having a negative effect on freight levels.
seen from the Indian Ocean, a 64,000-dwt fixing delivery Port TC14 38kt US-Gulf/UK-Continent went from WS90 to WS85.
Elizabeth trip China at $15,500 plus $155,000 ballast bonus. Pe- The TC18 the 38kt US Gulf/Brazil index lost 7.85 points to
riod activity was limited but a 63,000 open Vietnam was heard WS137.86 and a Caribbean run on TC21, 38kt US-Gulf/Ca-
fixed for 3 years at $13,750. ribbean, dropped $35,715 to Turn to page 18