Weekly Freight Recap: 23/05/24
May 23, 2024
PANAMAX
Atlantic: Activity in the North Atlantic decreased as most recent cargoes were covered, leading to potential downward rate adjustments. The trans-Atlantic market weakened due to a lack of freight, causing fronthaul rates to drift. In the South Atlantic, vessel counts rose, and South American rates picked up for late June arrivals, supported by strong FFA figures. Despite a slow start post-holidays, the East Coast South America (ECSA) showed resilience with stable volumes and decent demand projected from mid-May. Overall market sentiment is firm, with expectations for higher averages in Q3.
Pacific: The market showed signs of weakening, mainly from Indonesia, due to a seasonal decline in coal demand. Despite a stable tonnage count, a lack of bids created uncertainty about the market value. Rates for longer routes improved due to steady business from Australia, with some achieving higher rates. The overall sentiment in the Pacific remains mixed, reflecting firmness in certain areas and uncertainty in others.
SUPRAMAX
Atlantic: Negative trends were observed across most segments, with rates falling sharply for vessels in the North Continent, Mediterranean, and US Gulf due to a lack of fresh volume. The trans-Atlantic sector continued to struggle, needing more fresh enquiry to support rates. In the ECSA, resistance was noted with fixture volumes for trips both East and within the Atlantic, though bids were reported to be substantially lower than previous rates. Specific fixtures included trips from Brazil to the East Mediterranean and Southeast Asia, with rates indicating a challenging market.
Pacific: The Asian market held a positive trend, with rates higher than in the Atlantic. Ultramax and Supramax vessels saw healthy fixing activity with good cargo flow, mainly from Indonesia and Southeast Asia. Rates for trips via Indonesia to Southeast Asia remained strong, with owners asking for higher rates. Despite falling indexes, demand for trips from the North Pacific and Australia remained robust, with some achieving notably high rates.
HANDYSIZE
Atlantic: Pressure mounted on prompt tonnage with limited fresh enquiry in the Continent and Mediterranean. Stability prevailed, but potential rate adjustments were noted as activity slowed in the South Atlantic. Some owners showed reluctance to reduce levels further, with more cargoes emerging from the River Plate and Southern Brazil offering hope for near-term improvements. The US Gulf struggled with restricted fresh enquiry, leading to muted activity and steady rates.
Pacific: Positivity remained evident with a steady flow of fresh enquiry across all loading regions. Owners continued to see slight gains, indicating a relatively stable Asian market. Activity was muted due to holidays, but overall numbers remained steady, reflecting ongoing stability and resilience. The market maintained its position, with a healthy level of enquiries and some rate improvements noted.
Weekly Recaps
Commodities
Agri- Commodities:
5-9/5/25 Agri
May 12, 2025
Grain markets faced a volatile week, marked by sharp price swings, shifting weather outlooks, and heightened geopolitical developments. The week began with broad-based losses, as favorable U.S. planting weather and declining oil prices pressured corn and wheat. Old crop corn tumbled over 3%, while MATIF milling wheat slid toward the critical €200 mark. Improved Black Sea rainfall forecasts further weighed on sentiment, with IKAR raising its Russian wheat crop estimate to 83.8 mmt. Meanwhile, U.S. planting progress remained steady but slightly below expectations, and winter wheat condition ratings exceeded forecasts, adding to the bearish tone.
Freight
Freight Recap:
08/05/25
May 08, 2025
The Atlantic Panamax market showed modest stability, with transatlantic activity supported by firm demand from North Coast South America and tight tonnage off the Continent. Grain business helped keep sentiment steady, though the southern part of the basin remained quiet with few fresh enquiries. Activity was limited due to holidays, but premium routes offered some support to rates despite a broadly sideways trend.
Commodities
Agri- Commodities:
28/4/-22/5/25 Agri
May 05, 2025
Grain markets navigated a complex mix of macroeconomic signals, weather developments, and geopolitical currents in Week 18, with wheat drawing the most attention amid volatile fund positioning and shifting sentiment. Early in the week, U.S. wheat futures led a broad decline across grain contracts as expectations for improved crop conditions took hold. These were confirmed late Monday by the Crop Progress report, which showed winter wheat ratings jumping to 49% good/excellent—surpassing market forecasts and matching last year’s figure. Favorable U.S. rainfall and continued planting progress in corn and soybeans reinforced the bearish tone, while a sharp uptick in wheat export inspections helped limit losses. Meanwhile, soybeans bucked the trend to close in the green, supported in part by robust export activity.
Freight
Freight Recap:
01/05/25
May 01, 2025
Panamax market softened over the week, with spot demand showing only limited support, particularly out of North Coast South America. Activity slowed across most areas, partly due to industry events and holidays. The Mediterranean saw a buildup in available tonnage, though sentiment remained cautiously firm.
