Dry Bulk Market: Capesizes Firming Up in International Shipping News 16/03/2026 Capesize The market experienced a volatile but ultimately firmer week, shaped largely by fluctuations in bunker prices. Early in the week, the market strengthened sharply as Brent crude surged above the $100 threshold, inflating voyage calculations and pushing freight rates higher, particularly on C5. However, this move proved short-lived, with the market correcting on Tuesday as oil prices eased following geopolitical commentary suggesting the Middle East conflict could de-escalate sooner than expected. This prompted a retracement of some bunker-driven gains, most noticeably in the Pacific. Despite the volatility, underlying cargo volumes in the Pacific remained relatively healthy throughout the week. Consistent miner presence, supported by operator activity, helped sentiment improve into the latter part of the week, allowing the market to recover and pushing C5 back into the low-to-mid $12 range. The Atlantic basin displayed a gradually strengthening tone. While the South Brazil and West Africa to China markets began the week subdued, with wide bid-offer spreads and limited index-date activity, momentum built through midweek as fixing volumes increased and spreads narrowed. Stronger fixtures for both index and forward laycans lifted C3, with rates moving from the high $27s area at the start of the week to shade over $29 by week’s end. Panamax Overall, the week saw subdued activity across both the Atlantic and Pacific basins, with limited enquiry and cautious market sentiment. In the Atlantic, cargo volumes remained thin while tonnage lists gradually built, though by midweek signs emerged that rates had reached a floor. Firmer bids and slightly improved fixtures were reported, allowing the P1A to recover later in the week. In Asia, cargo demand was present for trades such as Indonesia to India and West Australia rounds, but volatile bunker prices and limited willingness from owners to sell bunkers continued to complicate negotiations. Additionally, weaker-than-expected Chinese import demand from Indonesia weighed on sentiment and fixture volumes. Overall, the market remained cautious, with the P5TC softening earlier in the week before stabilising to $16,546 by Friday. Ultramax/Supramax Overall, the week was marked by weak sentiment, slower trading activity, and declining rates across most regions, with rising bunker costs adding further pressure to the market. In the Continent and Mediterranean, conditions remained subdued with limited visible activity. While some early-week demand provided brief support, momentum gradually faded and the market turned quieter. A 63,000-dwt vessel open Otranto 11–13 March was reportedly fixed from Aliaga to Conakry with clinker at $19,000. The US Gulf and South Atlantic faced the most persistent downward pressure. Growing tonnage, coupled with a thin cargo book, led to softer rate levels as charterers continued to test the market at lower ideas. A 61,000-dwt vessel was placed on subjects for a trip delivery Rio de Janeiro to the US Gulf at $18,000, while another 61,000-dwt vessel was placed on subjects from the US Gulf to the Far East with grains at $21,000. In Asia, sentiment remained cautious. Activity slowed as the week progressed, with charterers adopting a wait-and-see approach amid rising bunker prices and availability concerns. The North Pacific in particular saw limited fresh demand, with fixtures concluded below pre