Front Topic
The Strait of Hormuz continues to operate through limited and security managed flows rather than normal commercial traffic, with visible transit data still pointing to activity well below normal levels. U.S. facilitated movements and publicly visible commodity vessel crossings measure different parts of traffic, but both show that conditions remain far from fully restored. Security risk remains severe, with recent attacks on crude tankers reinforcing the operational limits facing vessels and crews, while mine clearance has improved physical access without creating a generally accepted commercial safe lane. VLCCs and crude tankers remain directly affected by the reduced pool of owners willing to accept Gulf exposure, while LNG movements show signs of operational adaptation through offshore transfers. Insurance remains available selectively, but pricing and terms continue to depend heavily on the vessel, ownership, flag, voyage and security arrangements, keeping effective vessel supply constrained.
Dry Bulk Earnings
Capesize average earnings were $54,800/day, with the BCI at 6,427 up 20% w o w. Panamax average earnings were $22,000/day, with the BPI at 2,448 up 6% w o w. Supramax average earnings were $21,200/day, with the BSI at 1,675 up 2% w o w. Handysize average earnings were $16,200/day, with the BHSI at 900 up 2% w o w.
Dry Atlantic
Capesize South Brazil and West Africa to China strengthened sharply on firm demand, healthier fronthaul enquiry and tighter vessel availability, with C3 at $41.48/ton.
Panamax transatlantic and fronthaul activity remained supported by September demand, although later concerns emerged over cargo replenishment and rising tonnage availability, with an 81,000 dwt fixed for a transatlantic round trip at $21,250/day.
Supramax improved as the US Gulf almost returned to levels seen two weeks ago, while the South Atlantic was supported by higher Panamax rates and steady fronthaul demand, with a 63,000 dwt fixed South West Pass to China with grains at $31,000/day.
Handysize gained on healthier US Gulf and South Atlantic momentum, supported by fresh demand and a balanced cargo to tonnage position, with a 39,000 dwt fixed Mobile for a Panama City to UK Continent trip at $18,000/day.
Dry Pacific
Capesize gained on sustained miner participation and firmer operator bids, with C5 rising to $18.958/ton.
Panamax strengthened on strong Australian and Indonesian coal demand, improving export prospects and Capesize stem splits, with an 82,000 dwt fixed for a North Pacific round voyage at $23,750/day.
Supramax North Asia remained firm on continued North Pacific grain demand, although Indonesian activity softened slightly in quieter trading, with a 64,000 dwt fixed from Japan for a North Pacific round voyage at $21,000/day.
Handysize sentiment stayed positive as activity gained pace and fixtures concluded above previous levels, with a 43,000 dwt fixed from Acajutla via North Pacific for redelivery Singapore Japan at $17,000/day.
Wet Atlantic
VLCC strengthened sharply, with TD15 West Africa to China at $218,800/day and TD22 US Gulf to China at $207,800/day as Atlantic routes surged.
Suezmax Atlantic rates recovered, with TD20 West Africa to UK Continent at $115,400/day and TD27 Guyana to UK Continent at $112,500/day, supported by stronger activity and a tighter tonnage list.
Aframax Atlantic routes improved, with TD25 US Gulf to Continent at $50,800/day and TD26 East Coast Mexico to US Gulf at $48,600/day, while TD19 cross Med fell to $59,600/day.
LR firmed, with TC20 ME Gulf to UK Continent at $125,900/day.
MR improved overall, with TC21 US Gulf to Caribs at $21,700/day, while TC2 Continent to US Atlantic Coast remained under pressure.
Wet Pacific
VLCC remained firm East of Suez, with TD3C ME Gulf to China at $704,000/day and TD34 Gulf of Oman to China at WS 277.5, equivalent to $51.81/ton.
Suezmax had no dedicated East of Suez benchmark provided, while Black Sea CPC rates continued to correct and limited support for wider Suezmax earnings.
LR strengthened, with TC1 ME Gulf to Japan at $157,000/day and TC5 ME Gulf to Japan at $122,000/day.
MR strengthened in the Far East, with TC7 Singapore to East Coast Australia at $37,300/day.
SnP
Over the past twelve months, Greece led secondhand selling with 317 vessels across sectors, versus 163 sales by Chinese sellers. Greek sales were led by 163 dry bulk and 121 tankers, plus 21 containers and 8 gas carriers, while Chinese sales comprised 102 dry bulk, 41 tankers, 10 containers and 5 gas carriers. On the buying side, Greece recorded 224 purchases and China followed with 211, with Greek buying led by 110 dry bulk and 89 tankers, plus 19 containers and 1 gas carrier, while Chinese buying was led by 165 dry bulk and 35 tankers, plus 7 containers and 1 gas carrier.