Weekly Freight Recap: 29/08/24
Aug 29, 2024
PANAMAX
Atlantic: This week, the Panamax market saw continued weakness, with little activity and no significant changes. The Atlantic basin experienced persistent long tonnage lists, leading to further rate declines as new inquiries remained scarce. While there is potential for improvement next month due to the US grain season, increased Indian coal demand, and Brazilian corn shipments, the current market remains subdued.
Pacific: The market was more balanced, though still quiet. Some owners are considering repositioning to East Coast South America rather than committing to Indonesian round voyages, reflecting the limited opportunities. With demand from key loading regions softening further, potential improvement hinges on factors like a rebound in China's steel sector, which could lead to increased coal imports.
SUPRAMAX
Atlantic: The market had a mixed week. The US Gulf saw slight rate improvements due to increased activity, while the South Atlantic offered limited options, leading to softer sentiment in the Continent and Mediterranean as tonnage availability grew. The market is in a holding pattern, with participants anticipating further adjustments before any potential upswing.
Pacific: The market remained largely unchanged, with both owners and charterers showing restraint. Low Chinese coal demand continued to influence the market, and activity was minimal as most players are waiting for more decisive signals before making moves.
HANDYSIZE
Atlantic: The Handysize market experienced a quiet week, with limited activity and softening rates. The Continent and Mediterranean regions were particularly slow, with few new inquiries, while the South Atlantic also saw reduced momentum. However, the US Gulf displayed some positive signs as fresh demand entered the market, gradually easing the previously high tonnage count.
Pacific: The Handysize market remained subdued, with little new information or movement in rates. The tonnage list increased slightly, contributing to a stagnant environment. Despite the current quiet, there is an expectation among some market participants that activity could pick up in the final quarter of the year.
Weekly Recaps
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