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• US Gulf/US East Coast (USG/USEC): The market saw increased activity, yet this did not translate into higher rates due to an extensive tonnage list. A flat sentiment is expected for the upcoming week.

• East Coast South America (ECSA): The market showed robust activity with a healthy cargo list, leading to increased rates, particularly for larger vessels. There is cautious optimism for the following week, driven by potential pressure from Supramaxes.

• Continent: The market remained firm, supported by Russian Baltic cargoes and some grain and scrap cargoes. An active market is anticipated for the next week.

• Mediterranean: The market experienced a sluggish week with limited cargoes and a buildup of tonnage. Many vessels are sailing with scrap cargoes from the Continent to the Eastern Mediterranean, which is expected to keep the market under pressure next week.

• Middle East Gulf/India (MEG/India): The market saw no significant changes. Increased supply and stable demand led to lower rates. The market is expected to remain under pressure next week.

• Southeast Asia/Far East (SE Asia/FEast): The southern area market was soft due to a short cargo list from Indonesia and Australia. In the northern region, the market dropped further due to weak cargo flow and strong competition from Supramaxes. A flat market is expected next week.

Supramax Market Overview

• US Gulf (USG): The market was impacted by a lack of cargoes to both Asia and the Atlantic, resulting in lower rates compared to the previous week. More positive developments are expected at the beginning of next month.

• East Coast South America (ECSA): Fresh cargoes at the beginning of the week brought some optimism to owners. However, as the cargo flow did not renew, the market felt pressure, and rates closed lower than the previous week. Competition from Panamaxes also contributed to this decline. An increase in demand is needed for any positive development next week.

• Continent: Intense competition among owners due to oversupply led to a drop in rates. Without a push in demand, this trend is expected to continue next week.

• Mediterranean: Limited cargo flow increased supply and dropped rates. The western area fared better, with many ballasters sailing to the area from the east. Only a reduction in supply will change the bearish sentiment for next week.

• South Africa (SAFR): The market was active with an increase in fresh requirements for trips to Asia. Sentiment is bullish for December.

• Middle East Gulf/India (MEG/India): The market faced a dull week, maintaining a downward trend. Many owners are considering ballasting to South Africa for more attractive opportunities. This trend is expected to continue next week.

• Southeast Asia/Far East (SE Asia/FEast): In the northern area, some NOPAC cargoes midweek attempted to reverse the downward trend, but rates remained stable. The southern regions of Australia and Indonesia were quiet, offering no support to the market. No changes are expected in the current market trajectory for next week.

Disclaimer

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