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
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