- Limited cargo offers in the Pacific market slowed fixture activity
- Atlantic basin saw limited fixture activity despite healthy cargo exchange volumes
Iron ore freight sentiment remained firm w-o-w across vessel segments, with Supramax rates strengthening amid tighter vessel availability. Although Pacific enquiry stayed relatively slow, steady cargo programmes from major miners and volatile bunker prices continued to support overall market momentum.
Capesize freight rates edged up w-o-w amid mixed market sentiment, supported by firmer freight derivatives during late Asian trading hours.
“Market activity remained sluggish due to limited fresh cargo demand and sparse offers, as participants paused after the strong fixing momentum seen in the previous week ending 8 May”, a shipbroker mentioned.
Meanwhile, renewed uncertainty over the progress of US-Iran peace talks prompted market participants to adopt a wait-and-watch approach, amid concerns over potential volatility in bunker prices due to geopolitical tensions.
Route-wise updates:
Outlook
Near-term iron ore freight outlook remains cautiously firm, supported by steady cargo flows from Australia and Brazil, tight vessel availability in key loading regions, and continued volatility in bunker prices. However, market upside may remain limited amid slower Pacific enquiry and cautious sentiment linked to geopolitical and macroeconomic uncertainties.
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