Weekly Freight Recap: 06/06/24
Jun 03, 2024
PANAMAX
Atlantic: The Panamax market in the Atlantic remained sluggish, with the North Atlantic continuing to underperform due to limited cargo availability and competition from smaller vessels. Rates saw downward pressure as owners sought to cover positions in a lacklustre market. Despite this, there were slight improvements in the ECSA region, suggesting a potential market floor might be forming. Posidonia in Athens contributed to a quiet start to the week, with minimal new inquiries and a generally subdued market sentiment.
Pacific: The Pacific basin also experienced a softer market, though the decline was less pronounced than in the Atlantic. Limited activity marked the beginning of the week, but some support came from the South American route (P6), which saw higher levels for early July arrivals. Steady cargo flow in Asia provided a slight impetus, helping the Panamax timecharter index to rise modestly. However, the overall sentiment remains cautious, with expectations of further weakening as market dynamics adjust post-Posidonia.
SUPRAMAX
Atlantic: The Supramax market in the Atlantic was characterized by a lack of fresh activity, largely due to the ongoing Posidonia effect. Rates remained flat across most areas, with brokers reporting minimal changes. Some fixtures were noted, but detailed information was scarce. The overall sentiment remained tepid, awaiting more significant movements post-Posidonia.
Pacific: In contrast, the Pacific Supramax market saw more activity, particularly focused on the nickel ore routes. Rates for trips via Indonesia to India and China were relatively stable, reflecting steady demand in the region. The Pacific market performed well across geared size segments, with the Handy index remaining stable. Trips from India to the Continent/Mediterranean and inter-MEG/MEG-EC India routes maintained firm rates. However, backhaul trades saw limited interest due to ample tonnage in the Atlantic and low cargo volumes. The market anticipates increased activity once the Posidonia effect diminishes and players return to their desks.
HANDYSIZE
Atlantic: The Handysize segment experienced a quiet week, with Posidonia limiting activity as many market participants attended events in Athens. The BHSI index fell slightly, reflecting the muted sentiment. The South Atlantic continued to see rate erosion due to a lack of fresh cargo. The US Gulf region saw some resistance from owners against further rate reductions, but significant changes in sentiment require more cargo volume. Overall, the market remained subdued, with little visible activity.
Pacific: The Pacific Handysize market also slowed, particularly in Southeast Asia, where a lack of fresh inquiries contributed to a negative outlook. Tonnage lists are expected to grow as activity remains stifled. In North China-Japan, recent improvements were followed by a lull, leading to potential corrections in the coming days. The overall sentiment in the Pacific mirrors the cautious approach seen across the other segments, with market participants awaiting post-Posidonia adjustments.
Weekly Recaps
Freight
Freight Recap:
05/06/25
Jun 05, 2025
The Panamax Atlantic market showed signs of a strong rebound, especially in both the North and South where firmer bids and tightening tonnage contributed to rising sentiment. Fixtures suggested that some charterers may have overplayed their hand, triggering a jump in rates
Commodities
Agri- Commodities:
26–30 /5/25 Agri
Jun 02, 2025
Monday opened quietly in Europe as U.S. markets remained closed for Memorial Day. MATIF wheat traded lower in thin volumes, but losses were limited by concerns over dry conditions in France and rising temperatures in Russia. The May JRC MARS Bulletin painted a mixed EU crop outlook, nudging soft wheat yield estimates slightly higher but trimming rapeseed expectations. Meanwhile, geopolitical noise grew louder with President Trump mulling new sanctions against Russia, and Germany lifting range restrictions on Ukrainian strikes using Western weapons.
Freight
Freight Recap:
29/05/25
May 29, 2025
The Atlantic market struggled with weak sentiment throughout the week. Following recent holidays, demand remained soft and fresh cargoes were limited, particularly in the North. In the South, while some fixing activity was noted, oversupply of ships continued to weigh heavily on rates. Owners faced increasing pressure as charterers held firm, and some vessels were reported fixing below last done.
Commodities
Agri- Commodities:
19-23/5/25 Agri
May 26, 2025
Grain markets exhibited volatility throughout Week 21, with wheat prices leading a mid-week rally before easing slightly into the weekend. Early in the week, MATIF milling wheat weakened in response to Saudi Arabia’s tender, which confirmed continued preference for competitively priced Black Sea wheat. Meanwhile, CBOT futures found strength, buoyed by a broader risk-on sentiment in financial markets after a brief dip following Moody’s downgrade of the U.S. credit rating. U.S. corn inspections came in strong, and planting progress remained well ahead of the five-year average, though winter wheat conditions unexpectedly declined. On the geopolitical front, markets briefly reacted to the news of prospective ceasefire talks between Ukraine and Russia, although subsequent clarifications tempered expectations.
