Dry bulk chartering conditions were generally positive during the week of 14-18 August 2023, according to the Baltic Exchange, although Capesize activity showed contrasting trends between the Pacific and Atlantic basins.

In the Capesize market, Pacific trading began at a steady pace, supported by participation from two of the three major players, operator cargoes and several tenders. However, the expanding list of available vessels offset healthy cargo volumes and kept rates broadly flat early in the week.

Owners subsequently resisted lower levels, helping C5 rates improve by about 0.60 cents. The increase proved short-lived, as the volume of open tonnage limited further upside. Conditions were firmer in the Atlantic, where reports of larger fixtures from South Brazil and West Africa to China supported owner confidence and lifted activity and rates. The forward outlook became more cautious, however, amid expectations that fewer shipments and later dates could place pressure on rates.

Panamax recorded a positive week as healthy South American demand combined with limited tonnage. In the North Atlantic, an 80,000-dwt vessel was fixed for delivery Gydnia, travelling via the Baltic to Turkey, at $24,500. South American momentum included an 81,000-dwt vessel fixed at $17,000 plus a $700,000 ballast bonus for a front-haul voyage with redelivery from Singapore to Japan.

Asian Panamax rates also strengthened on enquiry from Australia and sustained North Pacific demand. An 85,000-dwt vessel open at Yeosu secured an Australian round voyage at $12,500. Sentiment became more cautious late in the week as Indonesian business slowed, but South American demand encouraged owners to maintain their rate expectations. Period activity included an 82,000-dwt vessel open in North China fixed for nine to 11 months at $14,350, with worldwide redelivery.

Ultramax and Supramax markets advanced as tight tonnage met healthy demand in the US Gulf and South America. A 64,000-dwt vessel open on the east coast of South America fixed a trip to the US Gulf and east coast of Mexico in the low-to-mid $18,000s. Asian sentiment remained positive despite regional holidays, with charterers raising bids as vessel availability tightened.

Reported fixtures included a 61,000-dwt vessel in Southeast Asia for an Australian round voyage at close to $14,000, and a 63,000-dwt vessel open in South China for a trip via Indonesia to the west coast of India at $12,000. Indian Ocean enquiry also improved, with Ultramax vessels fixing above $15,000 plus a $150,000 ballast bonus for delivery in South Africa and redelivery in China.

Handysize markets posted gains across the sector. Tight South Atlantic tonnage supported a 37,000-dwt fixture from Rio Grande to the west coast of Central America at $19,500. The Black Sea was more active, including a 37,000-dwt voyage via the Black Sea to the western Mediterranean at $7,400.

Southeast Asian availability also tightened. A 38,000-dwt vessel fixed from the Philippines via Australia to China at $12,500, while a 32,000-dwt vessel opening in Kandla secured an alumina voyage via Australia to Indonesia at $8,750. Period demand included a 38,000-dwt vessel fixed from Georgetown, Guyana, for 12 months at 105.5% of the BHSI.