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• USG/USEC: The market experienced a downturn due to limited new requirements and an extensive tonnage list, leading to a drop in rates. While some new cargoes are expected, the overall sentiment remains flat for the upcoming week.

• ECSA: A robust fixture volume and increased demand from the South have driven rates higher for larger sizes. Additionally, favorable draft levels at the River have provided further support. The outlook for next week is bullish.

• Continent: Scrap cargoes have been the primary market drivers, resulting in increased rates. A firm market is anticipated for the next week.

• Mediterranean: Despite increased demand, oversupply has absorbed the market, with grain cargoes from the Black Sea maintaining pressure. Only a few cargoes to West Africa appeared more attractive but were insufficient to alter the general trend. More cargoes are expected towards the end of November, which may impact rates.

• MEG/India: The market remained balanced, but the general sentiment was soft, with no significant changes expected next week.

• SE Asia/FEast: The northern region continued to face pressure as China and NoPac remained quiet. Interest was mainly from Australia and some Indo-India routes. Increased demand in the north could help boost rates next week.

ULTRAMAX

• ECSA: Fresh cargoes boosted the market, leading to higher rates. However, the market slowed towards the end of the week with more vessels coming from West Africa. The area is expected to remain positional until the end of the month.

• USG: The market showed positive efforts to increase rates, especially for Transatlantic trips. However, demand to Asia was weak, keeping rates under pressure. The firm demand for Transatlantic trips may positively influence the general sentiment next week.

• Continent: Fresh requirements at the beginning of the week pushed rates higher. By the end of the week, the market balanced out, and rates stabilized. The market is expected to remain firm next week.

• Mediterranean: Oversupply and a lack of fresh demand, particularly in the eastern area, led to a drop in rates. The western area fared better, although many ballasters sailing to the area put pressure on rates. More grain cargoes are expected until the end of the month, but it remains to be seen if they will be sufficient to improve sentiment next week.

• SAFR: There were signs of a rebound in rates, although the market continued to follow the previous downward trend. The market is expected to remain under pressure next week due to the increased number of vessels in the area.

• MEG/India: The market saw further declines, with some fixtures noted at lower than 10s levels. A push in demand is needed to stabilize the market next week.

• SE Asia/FEast: Rates declined again as China and NoPac remained quiet. Increased cargo flow from Australia supported the market, but ballasters from the North minimized the potential for any rate increases. No significant changes are expected next week.

Disclaimer

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