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• US Gulf / US East Coast (USG/USEC): The Handysize market saw a surge in activity early in the week, but by week’s end, most cargoes were covered, leaving many vessels idle. With no major changes on the horizon, the market is expected to remain steady in the coming week.

• East Coast South America (ECSA): The market faced a downturn due to limited demand and an oversupply of vessels, particularly in the northern areas where competition from Continent ballasters intensified. The downward trend is likely to persist next week.

• Continent: An imbalance between supply and demand favored charterers, forcing owners to accept reduced rates or face idle time. While some off-market cargoes were available, they weren’t enough to shift the overall trend, which remains negative for the near future.

• Mediterranean: Despite a slight uptick in orders, the market softened due to an oversupply of vessels. While limited grain cargoes from the Black Sea region reduced demand, some cement shipments provided minor relief. The outlook for next week remains pessimistic.

• Middle East Gulf / India (MEG/India): The market struggled with weak activity throughout the week, continuing its downward trajectory. Stability is expected to return post-Chinese New Year.

• Southeast Asia / Far East (SE Asia / FEast): Another challenging week unfolded with minimal demand across northern and southern regions. Cargo availability from Indonesia, Australia, and NOPAC was sparse, offering little hope for improvement as the Chinese New Year approaches.

Ultramax Market Highlights

• US Gulf / US East Coast (USG/USEC): Rates continued to decline, driven by weak demand in the Gulf. The East Coast offered little relief for owners, and with the entire Atlantic basin under pressure, no recovery is anticipated next week.

• East Coast South America (ECSA): The Ultramax market recorded significant losses as owners had to slash expectations to secure charters. However, stronger demand is anticipated in the upcoming week, providing some hope for recovery.

• Continent: The market remained stagnant, prompting many owners to reposition their vessels to the Atlantic in search of better opportunities. Unfortunately, expectations for improvement remain low for next week.

• Mediterranean: An initial rise in cargo volumes during the week halted the market’s decline, but a more substantial increase is necessary to drive any notable rate improvements in the short term.

• South Africa (SAFR): A balance between supply and demand put downward pressure on the market as vessel availability outweighed cargo needs. With more tonnage expected from India, the market is predicted to remain bearish in the coming week.

• Middle East Gulf / India (MEG/India): The region faced another lackluster week with limited demand. Given the upcoming Chinese New Year, no significant changes are expected in the immediate future.

• Southeast Asia / Far East (SE Asia / FEast): Support from NOPAC and Australian cargoes provided a slight sense of stability, suggesting rates may have hit a floor. However, quiet conditions on other routes continued to suppress overall rates. Increased activity is expected after the Chinese New Year holiday.

Disclaimer

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