Weekly Freight Recap: 25/04/24
Apr 25, 2024
PANAMAX
Atlantic: Activity decreased in the North Atlantic, with most recent cargoes covered, indicating potential rate adjustments downward. However, the ECSA remained relatively steady with decent demand projected from mid-May.
Pacific: Signs of weakening were observed, especially from Indonesia, due to a seasonal dip in coal demand. Despite a stable tonnage count, a lack of bids cast uncertainty on the true market value.
SUPRAMAX
Atlantic: Healthy activity levels were observed across the basin for geared sizes. Markets continued to push, albeit stronger than seasonality suggests. Signs of market flattening were noted, with expectations of a sideways trend in the near future.
Pacific: After days of lackluster activity, an increase in cargo volumes from ECSA was observed. Improved commodity prices are expected to bring more cargoes into the market in the coming weeks. Period market remains strong, with major operators scouting for long period tonnage.
HANDYSIZE
Atlantic: Pressure mounted on prompt tonnage, with limited fresh enquiry reported. While stability prevailed, there were indications of potential rate adjustments as activity slowed in the South Atlantic.
Pacific: Positivity remained evident, with a steady flow of fresh enquiry across all loading regions. Owners continued to see small gains, indicating a relatively stable market in the Asia region.
Weekly Recaps
Commodities
Agri- Commodities:
10-14/3/25 AGRI
Mar 17, 2025
U.S. wheat futures opened the week on a strong note, led by Kansas wheat, as traders reacted to deteriorating crop conditions in key HRW states. The rally coincided with Algeria’s milling wheat tender, though MATIF wheat showed a more hesitant response. Meanwhile, soybeans faced pressure as China’s tariffs on U.S. agricultural goods took effect. Export inspections indicated solid corn shipments but disappointing wheat figures. India projected record wheat production at 115.3 million metric tons, signaling ample supply ahead.
Freight
Freight Recap:
13/03/25
Mar 13, 2025
The Panamax market saw further gains, supported by increased Atlantic activity, particularly in trans-Atlantic business from the U.S. Fresh cargo flows and tightening vessel availability contributed to sizable rate improvements. In South America, activity picked up for March and April positions, reinforcing positive sentiment. Owners met improved bids with some resistance, further bolstering rates. While uncertainty persists regarding U.S. trade policy impacts, the expected second grain wave from ECSA added to market optimism.
Commodities
Agri- Commodities:
3-7/3/25 AGRI
Mar 11, 2025
The week opened with a continuation of last week’s bearish trend, as grain markets faced significant headwinds. Wheat was particularly weak due to an upward revision in Australia’s crop estimate. Market sentiment deteriorated further on confirmation that the U.S. has implemented tariffs on China, Mexico, and Canada—25% on Canada and Mexico, and 20% on China. In response, China imposed retaliatory tariffs of 15% on key U.S. agricultural imports, including wheat, corn, and soybeans, effective March 10. Canada followed with 25% tariffs on U.S. goods worth $155 billion. Meanwhile, Russian wheat prices declined by $3 per ton to $248 FOB, adding to the bearish tone. Australian production estimates surged, with wheat up to 34.1 MMT (+31% y/y) and barley to 13.3 MMT (+23% y/y). Weekly U.S. export inspections showed solid corn movement at 1.35 MMT, while the USDA confirmed a 114k-ton corn sale to Mexico.
