Physical capesizes remain flat in both oceans, keeping FFAs in a very narrow range but active early in the week, with some good volume changing hands. Flat Western Australia/China and falling Bolivar/Rotterdam weighed on the TC rates but prompt was better supported.Under pressure as the week ended though prompt, already discounted was less affected than the deferred periods. The premium continues to erode from Q4 & Cal 16 at a relentless rate, dampening hopes for significant recovery as the quarter goes on.
Panamaxes sold off initially but saw some slightly improved sentiment which was more a case of sellers backing up than buyers chasing beyond last done. Just like the capesizes we saw more rangebound trading slipping back to the lower end with Q3 showing light support aligning with spot.
More of the same as the week ended with levels off in early trading before seeing a bit of a recovery on prompts, whilst further out sellers still sought out value as the contango continued to ease.Supramaxes were also weaker but very little activity and little by way of movement. The market took a more negative tone with rates sliding and weight remaining heavy on the offer side. Better bids were witnessed during the afternoon but there remains a weaker feel.
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