Weekly Freight Recap: 17/10/24
Oct 17, 2024
PANAMAX
Atlantic: The Panamax market continued to struggle in the Atlantic, with vessels facing difficulties securing employment due to an oversupply of tonnage. Limited cargo volumes, particularly from the US East Coast and Gulf, led to reduced rates. Though there was some support from grain exports, it wasn’t enough to balance the excess availability of ships, especially in the South Atlantic. Pacific: In the Pacific, the market remained weak even as activity picked up after recent holidays. Oversupply of vessels and soft demand from key routes, such as North Pacific and Australia, kept rates under pressure. Seasonal demand for coal and agricultural exports fell short of expectations, contributing to the negative market sentiment.
SUPRAMAX
Atlantic: The Atlantic Supramax market saw limited movement this week, with vessels slowly clearing as fresh inquiries emerged. While the US Gulf held steady, activity in West Africa provided some additional support. Transatlantic routes saw steady rates, while fronthaul trips experienced stronger demand.
Pacific: In the Pacific, grain demand from Australia and the North Pacific began to pick up, boosting sentiment. However, the Middle East Gulf and West Coast India market remained sluggish due to oversupply and weak cargo demand. Most owners preferred to stay in the Pacific, where rates showed more promise.
HANDYSIZE
Atlantic: The Handysize market remained relatively stable, with rates holding steady across the US Gulf and South Atlantic. In the Mediterranean and Continent regions, ongoing demand helped keep rates above previous levels, with a balanced outlook.
Pacific: In the Pacific, activity stayed strong, supported by tight tonnage availability. Sentiment remained positive, with healthy cargo volumes keeping rates stable for the short term.
Weekly Recaps
Commodities
Agri- Commodities:
6-10/1 /25 AGRI
Jan 13, 2025
Monday: Grain markets rebounded from Friday's losses, bolstered by a weaker dollar and pre-USDA report positioning. CBOT-denominated prices gained, though MATIF milling wheat remained an outlier. U.S. weekly export inspections showed mixed results, with wheat exceeding expectations while corn and soybeans remained within range. In Argentina, persistent hot and dry conditions continued to pose risks, while Brazil benefited from favorable weather. Kansas winter wheat conditions declined, adding concerns over the domestic crop.
Freight
Freight Recap:
09/01/25
Dec 12, 2024
The Atlantic market began with initial strength due to limited New Year tonnage, but rates flattened as more vessels entered the region. In the south, oversupply led to discounted rates, and forward fixing remained cautious. Spot vessels maintained premiums, but lack of fresh demand in the north and a long tonnage list saw rates ease, favoring charterers. EC South America faced additional pressure from long ballast lists and sub-index equivalent fixtures for early February.
Commodities
Agri- Commodities:
9-13/12 /24 AGRI
Dec 16, 2024
Monday: US wheat futures began the week on a positive note but struggled to maintain gains as MATIF wheat remained unresponsive. Corn saw slight upward movement, while soybeans softened ahead of Tuesday’s USDA report. The Russian wheat market showed resilience, with FOB prices for 12.5% protein wheat climbing to $228/ton, up $2 from the previous week. Concerns about the poor condition of Russian winter grains were tempered by IKAR analysts suggesting the reality may be less dire. Meanwhile, China’s Politburo announced aggressive economic stimulus measures, signaling a shift in fiscal and monetary policies, but these had minimal impact on grains. U.S. export inspections highlighted weak performance in wheat, with only 227k tons inspected, significantly below the previous week’s 299k tons.
Freight
Freight Recap:
19/12/24
Dec 12, 2024
Panamax transatlantic activity saw a modest boost as charterers sought coverage ahead of the holiday season, but an oversupply of tonnage in the East Mediterranean kept pressure on rates. Fronthaul routes remained lackluster due to weak demand from the Black Sea and continued ballasting toward Gibraltar, leaving the market constrained.
