Weekly Freight Recap: 19/12/24
Dec 19, 2024
PANAMAX
Atlantic: 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.
Pacific: Minimal fresh cargo and a surplus of vessels dominated the Pacific, with owners facing pressure to accept increasingly lower rates. While some optimism exists for early next year with expected Brazilian soybean exports, current sentiment remains weak, and the market shows no signs of stabilizing in the short term.
SUPRAMAX
Atlantic: Limited fresh demand across the Continent and Mediterranean left rates subdued, with the US Gulf providing some stability but no significant improvement. The South Atlantic showed positional strength, with some fixtures benefiting from tightening availability, though overall fundamentals remain weak ahead of the holidays.
Pacific: While activity in the region showed a slight uptick, rates stayed under pressure as tonnage continued to outweigh demand. Coal cargoes from Indonesia offered steady flow, but overall, market sentiment remained muted, with little expectation of a recovery before year-end.
HANDYSIZE Atlantic: The Continent and Mediterranean markets remained soft, with declining rates reflecting scarce demand and a long tonnage list. In the South Atlantic, weak fundamentals persisted despite some pre-holiday coverage, while the US Gulf remained quiet with limited fresh fixing opportunities.
Pacific: A stable cargo book failed to offset the growing tonnage count, leading owners to offer aggressively to secure fixtures. Charterers continued to hold back, resulting in minimal activity and little prospect of a rebound in the near 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.
