After a slow start due to a UK Bank Holiday, the market quickly regained momentum. The Pacific was notably active, with all three major miners actively fixing throughout the week. Initially rates struggled to gain traction as brokers reported an oversupply of early vessels.

However, towards the latter part of the week, the Pacific benefited from an uptick in coal cargoes from Indonesia and East Coast Australia, and operator activity, driving freight rates higher, as a result the C5 index rose by $1.15 this week, closing at $11.135.

Early in the week, activity in the Atlantic was limited, but a tightening of tonnage was noted in the North. Midweek saw positive sentiment bolstered by increased fresh cargoes and strong fronthaul fixtures from East Coast Canada to China, leading to substantial gains in the C9 index, which climbed $3,129 on the week, closing at $48,563. The South Brazil and West Africa to China routes experienced downward pressure due to an abundance of ballasting vessels, however, towards the end of the week some marginal gains were made.

The week concluded positively, with the BCI 5TC increasing by $581 to close at $23,389. It proved to be a negative week for the Panamax market with rates easing across the board. The Atlantic remained predominantly fronthaul led with a steady grain cargo flow ex NC South America, continuing the recent theme of decent mineral demand ex US east coast to India, reports circulated mid-week of an 81,000-dwt delivery Gibraltar at $25,.