Capesize

The market began the week under pressure, with broad-based softening across both basins before staging a measured recovery to finish marginally firmer overall. Early sentiment was undermined by a lack of conviction, most notably in the Pacific, where the absence of key miner activity and disruption risks linked to Cyclone Narelle limited enquiry and led to a gradual build-up of tonnage. This subdued demand set the early tone, while the Atlantic basin, although initially balanced, struggled to generate upward momentum amid patchy activity.

As the week progressed, a clearer regional divergence emerged. The Pacific remained relatively subdued, with a gradual return of miner enquiry and C5 hovering in the mid-$10s, before a late-week pickup in cargo flow lifted rates towards the low-$11s. In contrast, the Atlantic provided the primary support, with tightening tonnage and improved cargo visibility, particularly from South Brazil and West Africa to China, driving rates higher. Notably, C3 strengthened into the mid-to-high $30s, while firmer West Africa and fronthaul fixtures underpinned the broader recovery.

Panamax

The week opened with a softer tone across both basins, as rates in the Atlantic and Asia eased and overall sentiment remained cautious. The Atlantic saw limited movement, with transatlantic and fronthaul activity subdued and a growing…