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Sea News – International Service – In recent weeks, the maritime transportation market has experienced significant developments influenced by various factors, including demand fluctuations, the global economic situation, and seasonal conditions. This report analyzes the bulk and tanker shipping markets for the week ending February 21, 2025, examining rate changes and different activities in these sectors. In the bulk segment, demand for Capesize and Panamax vessels has grown significantly, while the tanker market, after reaching its peak, has faced some fluctuations. In addition to reviewing rate changes, this report explores the factors impacting these developments.
Bulk Carriers
Capesize Vessels
The Capesize market saw continued growth over the past week, with rates reaching $8,216, marking the highest level since late January. On the C5 route, rates climbed to $6,485, with this trend expected to persist as activity shifts into March. The North Atlantic market also strengthened, with rates for cargo loading from Brazil (C3 route) exceeding $18. Several long-term contracts were reported, including a 203,000 DWT vessel chartered for one year at a rate of $22,500.
Panamax Vessels
The Panamax market experienced significant growth, driven by strong market fundamentals. While rates in the North Atlantic remained steady, increased demand for transporting minerals and grains led to higher rates. In Asia, solid demand for cargo transport contributed to rate increases. Long-term contracts in this sector were signed at approximately $14,000 per day for a one-year period.
Ultramax/Supramax Vessels
The Ultramax/Supramax market in the Atlantic faced declining demand, whereas demand for cargo shipments to the Mediterranean and the Pacific increased in Asia. Rates remained positive, with long-term contracts reported at around $13,500 per day for one year.
Handysize Vessels
Rates rose in most loading regions. The South Atlantic market became more active due to vessel shortages, while in Asia, weather conditions caused delays in shipping schedules, leading to increased rates.
Tankers
VLCC Vessels
The VLCC market initially peaked before experiencing a decline in rates. Rates in the Persian Gulf and the Gulf of Mexico fell, with the 270,000 DWT Gulf-to-China route (TD3C) dropping to WS64.94.
Suezmax Vessels
Pressure on Suezmax vessel owners persisted. The 130,000 DWT Nigeria-to-Europe route (TD20) dropped to WS91.94, while the 135,000 DWT CPC-to-Mediterranean route (TD6) remained in the WS112.5/115 range.
Aframax Vessels
In the North Sea, rates increased, whereas in the Mediterranean, they declined. In the Atlantic Ocean, the market strengthened, pushing rates higher.
Clean Tankers
The LR2 market in the Persian Gulf remained stable, while LR1 rates increased. In the MR segment, rates fluctuated in both the Persian Gulf and Europe, whereas increased activity in the Gulf of Mexico led to rate growth.
Conclusion
The bulk shipping market, particularly in the Capesize and Panamax segments, saw rising rates. Meanwhile, the tanker market declined after reaching a peak, though certain routes, such as Aframax in the Atlantic, witnessed rate increases. Demand in Asia, especially for bulk carriers, played a crucial role in market growth.
