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• US Gulf / US East Coast (USG/USEC): The market saw robust activity as many participants aimed to secure their positions, supported by a healthy cargo flow that drove rates higher. However, a pause is expected next week due to the Christmas holidays.

• East Coast South America (ECSA): Heavy rains caused significant delays to vessel schedules, reducing available capacity and driving rates higher. Despite this, a slowdown in activity is anticipated during the festive period.

• Continent: Limited market activity and weak demand failed to absorb the oversupply, leading to further rate declines. This bearish sentiment is expected to persist into next week, with owners likely accepting lower rates until the new year.

• Mediterranean: A reduction in cargo volumes, coupled with steady tonnage availability, caused rates to dip further. With increased competition among owners, January cargoes are now the primary focus. No significant changes are expected in the short term.

• Middle East Gulf / India (MEG/India): The market remained sluggish with little significant action.

Owners had to adjust their expectations to secure positions, and the outlook remains negative through the end of the year.

• Southeast Asia / Far East (SE Asia / FEast): Both southern and northern markets were slow, with limited options for owners who were forced to accept lower rates. Interest in long trips increased as owners sought to avoid the upcoming January holidays in Asia. The market is likely to remain under pressure next week.

Ultramax Market Overview

• US Gulf (USG): Early January orders brought some optimism at the start of the week, although rates remained stable. The market is expected to maintain its current levels in the coming week due to steady cargo flow.

• East Coast South America (ECSA): The week began with an increase in the cargo list, absorbing many vessels. The market is expected to remain positional next week.

• Continent: While the market was quiet, rates remained stable. Bad weather is expected to cause operational issues next week, and the impact on the market will be closely watched.

• Mediterranean: With most cargoes covered, supply outpaced demand, leading to further rate reductions. The market is expected to remain subdued during the festive period.

• South Africa (SAFR): The market had a slow start to the week due to a lack of fresh cargoes, resulting in an increased tonnage list. With the current cargo list remaining limited, the market is expected to remain under pressure in the short term.

• Middle East Gulf / India (MEG/India): The week was quiet, but owners showed firm interest in securing long-term employment for their vessels to avoid the festive period and Chinese New Year (29th January).

The market is likely to remain stable in the coming week.

• Southeast Asia / Far East (SE Asia / FEast): The market sentiment was flat, with a balanced supply-demand dynamic. The northern area had a short cargo list, and only some cargoes from NOPAC and Indo supported the market. Another flat week is expected.

As the holiday season approaches, we would like to extend my warmest wishes to you and your loved ones.

May your Christmas be filled with joy, laughter, and cherished moments, and may the New Year bring you health, happiness, and prosperity.

Disclaimer

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