Weekly Freight Recap: 21/11/24
Nov 21, 2024
PANAMAX
Atlantic: The Atlantic Panamax market faced strong headwinds with minimal fresh demand, especially from EC South America and the US Gulf, leading to an oversupply of tonnage and lower rates. Baltic cargo provided limited support, but overall, sentiment remained bearish. Seasonal factors may bring a bounce in February when the Brazilian soybean season begins, but near-term demand remains subdued.
Pacific: The Pacific basin saw slightly better activity, with steady Australian demand offering some relief. However, growing tonnage counts kept rates under pressure, and charterers remained cautious. Global congestion levels for loading are at their lowest in 2023, while discharging congestion has risen but remains below average. Overall, the outlook is challenging, with rates unlikely to recover meaningfully in the short term.
SUPRAMAX
Atlantic: The Atlantic Supramax market continued to struggle, with oversupply of tonnage and weak demand in the US Gulf and South Atlantic pushing rates lower. The Continent and Mediterranean markets saw slight stability, but overall, the Atlantic remained under pressure.
Pacific: In the Pacific, high tonnage levels kept rates soft, despite limited signs of stabilization in Northern Asia. Period activity was sparse, and overall sentiment stayed weak. The Indian Ocean also experienced patchy demand, contributing to subdued rates across the sector.
HANDYSIZE
Atlantic: The Handysize market saw mixed sentiment. While rates in the South Atlantic showed slight improvement due to stronger fundamentals, the US Gulf remained under pressure with heavy tonnage availability and weak demand. The Continent and Mediterranean held steady at previous levels, but no significant gains were recorded.
Pacific: The Pacific Handysize market faced challenges, with rising tonnage levels and a lack of fresh cargo forcing owners to lower their rate expectations. Overall, the regional market remained soft, with limited activity and downward pressure on rates.
Weekly Recaps
Freight
Freight Recap:
03/07/25
Jul 03, 2025
The Panamax market held broadly steady this week, though signs of softening began to emerge toward the close, particularly in areas where prompt tonnage began to outpace fresh demand. Across the Atlantic, sentiment remained mixed.
Commodities
Agri- Commodities:
23–27/06/25 Agri
Jun 30, 2025
The week opened with a sharp pullback across grain markets as the geopolitical risk premium evaporated following U.S. President Trump’s announcement of a ceasefire between Iran and Israel. While the truce remained fragile—lacking official confirmation from Israel—market sentiment quickly pivoted back to fundamentals. Pressure mounted as U.S. crop conditions were mixed and EU wheat yield projections were revised higher, particularly in southern and eastern Europe. U.S. export inspections provided little optimism, with soybeans and wheat underperforming, and fund positioning indicated heavy corn selling alongside increased soybean buying.
Freight
Freight Recap:
26/06/25
Jun 19, 2025
The Panamax market continued to show resilience this week, holding around the USD 12,800/day level on the 5TC index. Gains were seen across both basins, driven by steady demand and tightening tonnage in key loading areas.
Commodities
Agri- Commodities:
16–20/06/25 Agri
Jun 23, 2025
Monday opened with wheat and corn giving back gains from the prior session, pressured by generally favorable U.S. crop outlooks. Corn conditions improved to 72% good-to-excellent (G/E), aligning with last year’s level, while soybean ratings declined to 66% G/E. Winter wheat condition unexpectedly slipped, and harvest progress remained significantly delayed. Export inspections showed continued strength for corn, while soybean oil surged on tighter-than-expected NOPA stocks. Geopolitics hovered in the background as Iran signaled a desire to avoid escalation with Israel, while Turkey offered to mediate talks.
