The Capesize timecharter average rose $142 week-on-week to close at $52,457, within reach of the highs recorded earlier this month before momentum faded on the final day of trading.

The Atlantic drove the move. Trans-Atlantic and fronthaul rates surged on Thursday after a week of growing anticipation, underpinned by reports of tightening tonnage availability in the North Atlantic and an expanding cargo book. Softer fixtures then emerged towards the end of the week, pulling the C8 route back by more than $1,000 to $62,938 — still its strongest level since early December last year. The C9 index followed the same pattern, posting gains before easing to finish at $91,494.

The Pacific told a different story. Activity on the West Australia–Qingdao route stayed steady, but rates came under pressure as a succession of fixtures from both miners and operators weighed on the market. The C5 index slipped from $16.685 to $15.625 on Friday, a warning sign for owners betting on a broad-based recovery across basins.

Panamax strength centres on the Atlantic

Panamax and Kamsarmax sentiment strengthened across both basins, supported by improving fundamentals and firmer rate discussions. The Atlantic again led. Increased cargo enquiry and tightening prompt tonnage in the North Continent and West Mediterranean drove stronger trans-Atlantic and fronthaul sentiment.

Fixtures reflected the firmer tone. An 82,000-dwt fixed for a trans-Atlantic round trip at $21,300, while a sister vessel secured $22,400 for a similar trip. An 82,000-dwt open in southern Spain fixed fronthaul via the US Gulf at $27,500.

East Coast South America demand also improved, letting owners push rate expectations higher despite widening bid-offer spreads. An 83,000-dwt was reported fixed at $23,000 plus a $1.3 million ballast bonus — a premium that signals owners hold real leverage in that market.

Pacific sentiment was more mixed. Prompt Indonesian demand softened early in the week, though Australia and the North Pacific provided underlying support. An 82,000-dwt fixed an East Coast Australia round trip at $26,000; an 81,000-dwt achieved $20,500 for a similar employment. Conditions improved late in the week as Indonesian activity recovered, with an 82,000-dwt fixing via Indonesia to India at $25,500 and a 74,000-dwt securing Indonesia to South China at $15,500.

Period interest stayed visible: an 81,000-dwt fixed for one year at $20,500 and an 82,000-dwt for seven to nine months at $23,500 — evidence that charterers are willing to lock in tonnage at current levels rather than gamble on a pullback.

Ultramax and Supramax drift sideways

The mid-size segment had a subdued, flat week, with Asian holidays disrupting Pacific trading. North American demand slowed and fronthaul rates softened, although a 63,000-dwt fixed basis delivery Norfolk for a petcoke trip to China at $34,500.

The South Atlantic held steady on a more balanced market, but the Mediterranean lacked sufficient cargoes, with owners now considering ballasting out. The Continent was the Atlantic bright spot: scrap demand pushed Ultramax rates close to $40,000 for trips to the East Mediterranean.

Asia offered pockets of strength. A 66,000-dwt fixed via the North Pacific to Chittagong at $26,000, and backhaul cargoes were plentiful, with a 63,000-dwt fixed from Nansha via the Gulf of Aden to the Mediterranean at $26,000. Indonesia kept supporting tonnage in the south and the Bay of Bengal, with a 64,000-dwt fixed from Haldia via Indonesia back to India at $22,000. South African rates edged up, with a 63,000-dwt fixing Richards Bay to Sri Lanka at $28,000 plus a $280,000 ballast bonus.

Despite a sideways spot market, period interest persisted: a 64,000-dwt in Vietnam fixed for five to seven months at $24,500, and a 60,000-dwt in Mumbai secured a longer 19-to-21-month commitment at $18,000.

Handysize: firm Atlantic, steady Pacific

Handysize held a mixed tone, with the Atlantic firm and the Pacific steady. The Continent and Mediterranean began quietly before gathering momentum on strong scrap demand, with rates improving through the week. A 36,000-dwt open Rotterdam 2–4 October fixed via the Baltic to the East Mediterranean with scrap at $26,000.

The South Atlantic remained steady, while the US Gulf stayed well supported by healthy demand and a shortage of prompt tonnage. A 38,000-dwt open Coronel on 21 September fixed from Recalada to the West Coast of South America with grains at $29,500, and a 34,000-dwt open Brownsville 22–25 September fixed from SW Pass to Spain with grains at $25,000.

In Asia, holidays restricted activity and kept the market broadly flat, though healthy enquiry and a gradually tightening tonnage list offered support. A 39,000-dwt open CJK prompt fixed a trip to the West Coast of Central America at $21,500.

The divergence between a tightening Atlantic and a softening Pacific Capesize trade sets up the coming week as a test of whether North Atlantic cargo and tonnage fundamentals can keep pulling the headline average higher.