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Brief report and predictions for next week for handy and supramax sizes 25th October 2024

Iakovos (Jack) Archontakis

TMC Commercial Director

Handysize

•          USG/USEC: The market began the week slowly but gained momentum as the days progressed, ultimately closing with gains.

There are strong expectations for the coming week.

•          ECSA: Increased activity and a short tonnage list have driven rates higher. With limited capacity available, a robust week is anticipated.

•          Continent: The market exhibited mixed conditions. Larger sizes were able to secure opportunities more easily, while smaller sizes struggled to find cargo. Notably, Russian cargoes provided an attractive alternative for owners. Optimism is growing for next week.

•          Mediterranean: An increase in vessel supply in the West Med has pressured rates, despite a rise in cargo availability from the Black Sea. Sentiment remains flat for the upcoming week.

•          MEG/India: The market was more active than in previous periods, but oversupply prevented any rate increases. Significant developments are not anticipated for next week.

•          SE Asia/FEast: The market declined as the tonnage list increased, and cargo flows from Australia, Indonesia, and NOPAC were insufficient to maintain previous levels. A continuation of this negative trend is expected for the following week.

Ultramax

•          ECSA: The market has seen little significant change, but increasing capacity is likely to pressure rates further next week unless a rise in grain cargoes materializes sooner.

•          USG: The week began with strong fixtures, boosting owners' confidence to request higher rates. Midweek saw more vessels entering the market, but demand did not keep pace, capping rate increases. Few changes are anticipated for next week.

•          Continent: Local cargoes provided support for the market, along with positive influences from the firm markets in the West Med and USG. An upward trend is expected to continue next week.

•          Mediterranean: Sentiment is bullish. The Western area remains strong, with few owners willing to pass through GOA, resulting in premium rates for these routes. This positive trajectory is anticipated to persist next week.

•          MEG/India: Activity in the Gulf and capacity shortages in SAFR supported the market and improved rates. Predictions remain cautiously optimistic for the coming week.

•          SE Asia/FEast: The market displayed a mixed tone. The week began positively with an influx of cargoes for the upcoming month; however, a long tonnage list kept rates relatively stable. This trend is expected to continue next week.

Disclaimer

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