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• USG/USEC: The market started the week steadily but gained momentum as the week progressed. Predictions are positive for next week for forward cargoes. In the USG, the issue is that all forward cargoes require a minimum of 7 days' notice.

• ECSA: Limited cargo volume pressured the rates. Additionally, many Supramaxes negotiated Handysize stems, and low river drafts pushed the market to lower levels. A push in demand is needed for the market to stabilize next week.

• Continent: The market maintained its levels, and activity increased gradually. Cargoes from the Russian Baltic continued to offer a premium to owners. Sentiment remains positive for next week.

• Mediterranean: Demand was low as many traders and charterers stayed away from the market. There were only a few grain cargoes from the Black Sea, which were insufficient to change the general sentiment. Consequently, the tonnage list increased. A flat market is anticipated for next week.

• MEG/India: Activity was healthy, but oversupply limited any possibilities for rate improvement. An increase in cargo flow is expected to change the general sentiment for next week.

• SE Asia/FEast: The northern region was more stable than the southern, where demand was weak without any support from North Pacific and Australia. Predictions are more positive for the north than the south for the forthcoming week.

Ultramax

• ECSA: The market was quiet as the cargo flow did not renew, and capacity built up. There was also competition from Panamaxes. Sentiment is bearish for next week.

• USG: The market faced a sharp decline as many vessels were keen to fix during the first half of November, but the cargo flow was weak. Some cargoes for the second half of November leave cautious optimism for next month, but no change is expected for the coming week.

• Continent: Scrap cargoes dominated the market, which remained steady and, in some cases, moved at lower levels than the previous week. Additionally, owners were keen to accept lower rates for transatlantic trips. The sentiment is negative for next week.

• Mediterranean: A lack of fresh requirements and rising capacity kept pressure on the market. Under these circumstances, owners preferred to commit now for cargoes in mid-November. This negative trajectory is anticipated to persist next week.

• MEG/India: There were various discussions in the market, although demand slowed down, dropping the rates further. There are no signs of recovery for the coming week.

• SE Asia/FEast: In the southern area, the market displayed a downward trend, and tonnage built up at the beginning of the week. Furthermore, various holidays kept activity low during the week. In the northern area, the market was weak as trips to the Atlantic basin and North Pacific were limited. No change in the trend is expected for the following week.

Holidays during last week: Greece 28/10, Diwali 31/10-1/11, Singapore 31/10

Disclaimer

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