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The Capesize market experienced a week of gradual strengthening, with positive momentum building from midweek onwards as activity increased and tonnage tightened in both the Pacific and Atlantic basins. The BCI 5TC experienced a steady rise throughout the week, before a slight correction saw it close at US$23,697, up from US$20,544 at the week's start. In the Pacific, consistent activity from all three miners, improved coal cargo volumes, and a solid flow of operator-controlled cargoes supported the market. Rates on C5 climbed steadily, peaking at US$11.58 before correcting to US$10.665 by the week's end. The South Atlantic saw a persistently short tonnage list of ballasters driving C3 levels from US$22.50 to around the US$25 range for mid-April dates, with fresh cargo providing additional support. The North Atlantic remained relatively quiet, with limited fresh cargo and minimal fixing activity. However, a couple of significant fixtures indicated stronger rates, including a transatlantic and a Fronthaul fixture reported at around US$43,000 for 75 days. Yet, some questioned whether these levels could be repeated.

The Panamax market erupted into life midweek with rates surging as a strong push in the Atlantic market, both South and North America led the drive. Aided by a supporting FFA market, the period market kicked into gear with a raft of deals concluded at stronger levels, notably a Japanese built 82,000dwt delivery Japan achieving US$15,500 for one year’s employment. In the Atlantic, strong demand both minerals and grains, a tight tonnage count along with the uncertainty caused by USTR provided the perfect recipe for the strong surge in rates witnessed this week. Midweek witnessed a binge of fixing from EC South America and this in turn gave additional support to the Asia market that, up until that point, had been less vigorous despite robust demand from both NoPac and Australia supporting improved rates, however the week ends with many with time on their hands pausing, but for the moment the immediate outlook appears firmly in owners favour.

A more positive week for the sector although there was stronger demand from the Asian arena, the Atlantic remained somewhat of a mixed affair. The recent tariff on and off causing a cautious approach for many. The US Gulf was generally flat a 63,000dwt fixing a trip from US Gulf to India with pet coke at US$17,000. Further south, a 61,000dwt was fixed basis delivery Santos for a trip Bangladesh-China in the upper US$12,000s plus upper US$200,000s ballast bonus. A rather positional feel from the Continent-Mediterranean, a 57,000dwt fixing delivery Amsterdam trip via Continent to the Far East in the mid-teens. Asia, say stronger rates being discussed as the week progressed, A 63,000dwt fixing delivery Cigading for a trip via Kalimantan redelivery WC India at US$18,000. Backhaul activity was seen, a 63,000dwt fixing delivery China for a trip to West Africa at US$13,000. The Indian Ocean remained rather subdued although a 61,000dwt was fixed delivery Tuticorin trip via South Africa redelivery China at US$10,500.

This week, the market exhibited a mixed performance, with modest fluctuations across both basins. The Continent and Mediterranean regions continued their positive trend, with rates slightly surpassing previous levels, indicating ongoing support. For example, a 39,000dwt fixed a trip delivery Skaw to redelivery Morocco at US$14,000. In contrast, the South Atlantic and US Gulf markets remained sluggish, facing challenges with increasing tonnage and limited cargo availability. A 33,000dwt open in Tema secured a trip from delivery Fazendinha to redelivery Italy with grains at US$10,500. Meanwhile, in Asia, the market stayed robust, buoyed by a more balanced demand-supply dynamic, especially in Southeast Asia and the North Pacific, with several strong fixtures recorded. A 39,000dwt vessel, open on March 19, fixed a trip from Guayaquil to Japan via Vancouver, carrying grains at US$11,500.

LR2

MEG LR2’s have been in notable demand this week, as a result freight levels have spiked. The TC1 75kt MEG/Japan index jumped up 21.67 points to WS151.67 and TC20 90kt MEG/UK-Continent assessment climbed US$512,500 to US$3.89 million with US$3.9 million reported on subjects twice at time of writing.

West of Suez, Mediterranean/East LR2’s of TC15 ticked back up over the US$3 million mark this week to US$3.1 million.

LR1

MEG LR1’s have also improved significantly this week. The TC5 55kt MEG/Japan index is as a result currently at WS167.5 (+30.94). A voyage west on TC8 65kt MEG/UK-Continent went from US$2.66 million to US$3.1 million.

On the UK- Continent, LR1’s remained somewhat muted this week with TC16 60kt ARA/West Africa index down a modest WS1.84 points to WS110.94.

MR

MR’s in the MEG held stable this week despite the LR’s firming, the TC17 35kt MEG/East Africa index hovered between WS205 – WS210 all week. UK-Continent MR’s freight rates have stepped up gradually across the week. The TC2 index 37kt ARA/US-Atlantic coast has ultimately climbed from WS138.75 to WS159.06. At this mark, the Baltic description round trip TCE for the run is US$18,285 /day. The TC19 run of 37kt ARA/West Africa also came up circa 18 points to WS179.69.

In the USG, MR’s have been reportedly torpid this week. Subsequently TC14 38kt US-Gulf/UK-Continent remained at the WS85 level. The TC18 the 38kt US Gulf/Brazil index also flat at the WS135-WS137.5 mark and a Caribbean run on TC21, 38kt US-Gulf/Caribbean managed to improve by just under US$11,000 to US$414,286. 

The MR Atlantic Triangulation Basket TCE went from US$17,176 to US$19,667.

Baltic Clean Handymax routes were more positive this week. In the Mediterranean, the TC6  index held in its WS180’s level it reached last week. Up on the UK-Continent the TC23 30kt  Cross UK-Continent manged to return up by 19.72 points to WS195.28.

The market nudged up slightly this week on the VLCCs. The 270,000mt Middle East Gulf to China trip (TD3C) was just over a point firmer at WS58.55 corresponding to a round-trip TCE of US$39,305.

In the Atlantic market, the rate for 260,000mt West Africa/China (TD15) was three points firmer week-on-week at WS59.63 giving a round voyage TCE of US$41,173 per day. The rate for 270,000mt US Gulf/China (TD22) increased by US$32,500 since last Friday at US$7,292,500 which shows a daily round trip TCE of US$35,834.

Suezmax owners have had the bit between their teeth this week. The rate for the 130,000mt Nigeria/UK Continent voyage (TD20) rose 10 points to WS98.75 meaning a daily round-trip TCE of US$42,938 while the TD27 route (Guyana to UK Continent basis 130,000mt) rose eight points to WS94.17 translating to a daily round trip TCE of US$39,899 basis discharge in Rotterdam. For the TD6 route of 135,000mt CPC/Med, the early April stems have been at the forefront and the market has gained 23.5 points over the week to WS123.30 showing a daily TCE of a US$57,961 round-trip. In the Middle East, the rate for the TD23 route of 140,000mt Middle East Gulf to the Mediterranean (via the Suez Canal) was one point firmer at WS92.5.

In the North Sea, the rate for the 80,000mt Cross-UK Continent route (TD7) remained flat at a little over WS107.5 giving a daily round-trip TCE of a shade under US$26,000 basis Hound Point to Wilhelmshaven. 

In the Mediterranean market the rate for 80,000mt Cross-Mediterranean (TD19) has lost five points to WS115.39 basis Ceyhan to Lavera, that shows a daily round trip TCE of about US$26,200.

Across the Atlantic, the market has eased slightly further. The rate for the 70,000mt East Coast Mexico/US Gulf route (TD26) and the 70,000mt Covenas/US Gulf route (TD9) slipped 1-2 points to WS126.11 (showing a daily round-trip TCE of US$22,272) and WS123.13 (a round-trip TCE of US$21,439 per day), respectively.

The rate for the trans-Atlantic route of 70,000mt US Gulf/UK Continent (TD25) had another 10 points cut out and is now at WS131.11 giving a round trip TCE basis Houston/Rotterdam of US$29,402 per day.

The LNG market continued its upward trajectory this week, with gains across major routes, particularly in the Atlantic basin, while the time charter market showed mixed movements.

On the BLNG1 Gladstone–Tokyo route, 174k cbm vessels saw an increase of US$1,600, reaching US$20,800 per day. 160k cbm vessels also gained US$1,200, settling at US$12,200 per day, reflecting steady week on week improvements in earnings for smaller vessels.

In the Atlantic, the BLNG2 Sabine–UK Continent route experienced gains, with 174k cbm vessels increasing by US$4,400 to US$25,600 per day, indicating stronger demand for westbound cargoes. Similarly, 160k cbm vessels rose by US$1,700, reaching US$13,800 per day.

The BLNG3 Sabine–Tokyo route also saw positive momentum, with 174k cbm vessels climbing by US$3,300 to US$27,700 per day, while 160k cbm vessels gained US$1,800, reaching US$15,400 per day, reinforcing a bullish sentiment for long-haul trades.

Meanwhile, the time charter market showed mixed movements, with six-month rates falling by US$1,000 to US$17,150 per day, while 12-month rates edged up by US$500 to US$23,575 per day, and three-year rates declined by US$1,300 to US$48,200 per day. Despite short-term tightness in the spot market, the uncertainty in long-term rates suggests a more cautious market outlook beyond the immediate surge in demand.

The LPG market saw a strong upward movement this week, with significant rate increases across key routes, reflecting tightening vessel availability and increased demand, especially in the west.

On the BLPG1 Ras Tanura to Chiba route, rates increased by US$6.86, reaching US$53.03, while TCE earnings jumped by US$7,129, closing at US$36,002. This sharp increase signals renewed bullish sentiment in the Middle East, stimulated by increased movement out of the US and a tightening of vessels.

In the Atlantic, the BLPG2 Houston–Flushing route experienced a US$5 rise, settling at US$53.50. TCE earnings increased by US$6,831, reaching US$51,853, marking a strong improvement in earnings potential.

Meanwhile, the BLPG3 Houston–Chiba route saw an even greater jump, rising US$12.58 to US$104.83, indicating robust market fundamentals. TCE earnings also soared by US$9,452, reaching US$ 38,874, reinforcing the market’s positive momentum.

With tightening vessel supply and firming demand, the LPG market appears to be in a strong position. However, continued monitoring is necessary to assess whether this bullish trendwill persist.

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