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• USG/USEC – The market improved day by day as the supply of capacity was limited and there were many grain and petcoke cargoes. Expect the market to be flat for the next week as we anticipate an increase in the number of ballasters.
• ECSA – The market started slowly this week as charterers preferred to wait. Midweek, a push in demand was noted, but oversupply maintained the downward trend. Expect the market to reach a bottom soon.
• CONTI – Sentiment changed, and better levels were noted as the tonnage list was shorter than in previous weeks. There was special interest in trips to West Africa. Expect the market to continue the upward trend for the next week.
• MED – The cargo list improved, leading to slightly better rates. An increase in cargo flow will help the market maintain this trend for the following week as there is a balance between supply and demand.
• MEG/INDIA – The market was stable without any significant events. It is worth mentioning that South Africa was more attractive than the dull West India. Expect the market to continue this trend for next week.
• SEASIA/FEAST – A shortage of cargoes in the south and north pressed the market to lower levels, and the predictions remain negative for next week.

SUPRAMAX

• ECSA – It was a firm week with healthy demand for FH and TA shipments, and a shorter tonnage list pushed the rates. Although the market seemed more balanced at the end of the week, sentiment remains bullish for next week.
• USG – More action was noted in the market after a quiet period, and an increase in spot demand pushed the rates. Expect more ballasters from the other side of the Atlantic, which are expected to press the market for the following week.
• CONTI – The market was contradictory. The majority of the cargoes were scrap to Med, but many vessels neither wanted nor were suitable to fix this cargo. Nonetheless, rates increased. Expect the market to remain firm as many owners consider ballasting to the west for next week.
• MED – The market was affected by the positive trend of the Atlantic basin. Furthermore, many vessels ex West Med moved west, decreasing the number of "open" vessels in the Med, and a push on demand in the second half of the week increased the rates. A development in demand is needed for the market to maintain this trend for the following week.
• MEG/INDIA – The market proceeded without any significant changes. However, more and more owners are keen to move to the Atlantic due to better rates. Expect the market to remain under pressure for next week.
• SEASIA/FEAST – The absence of Aussie, Indo, and NoPac cargoes decreased the market, but this drop wasn’t proportional to the rates. Thus, the losses were less than expected. If there are no significant changes, expect the same for next week.

Generally speaking, attempting to predict the market in the long run becoming more complicating . The impact of the war in the Middle East and the situation in the Red Sea, has affected the fluctuations of world prices. There is a fear that the scale of the war in the Middle East will grow larger and more countries will become involved. In such a case, all ships will be affected, and the Suez Canal will most likely be interrupted.
Furthermore, the US financial system is being challenged by emerging countries, led by China. The US is striving to maintain its financial advantages and the international payment currency system. If the US dollar fluctuates significantly, we may witness international turmoil. It is presumed that the US will do everything possible to maintain its advantages.
Believe the United States cannot accept losing its position as the world's foremost power. Estimate that if any country gains greater influence on the international stage than the United States, the latter will defend its top position.

Best Regards,

Iakovos (Jack) Archontakis
TMC Commercial Director (as Agents only)

Disclaimer
This report and the information contained herein it is for general information only and does not constitute an investment advice