Atlantic Basin

2nd April 2026

The market remains flat overall, with a softer undertone. Pacific activity has been limited, and while tonnage has reduced, rates have largely held steady. Australia has been quiet, but Nopac has seen better grain demand, particularly ex Vancouver for first half April dates. This has tightened prompt tonnage, with vessels being absorbed into these cargoes. While driven mainly by Panamax enquiry, there has been some spillover support into the supra/ultra segment. Bunkers in Nopac are not an issue, with reliable availability in Vancouver. Looking ahead, the balance shifts, with second half April and May positions expected to lengthen as more vessels ballast in from the Far East. In SE Asia / Far East, activity appears stronger on paper than in reality. A significant portion of enquiry is price testing rather than firm demand, with many cargoes failing to progress once rate ideas are known. As a result, underlying demand feels thinner, which could start to weigh on rates. More broadly, uncertainty around bunker prices and availability continues to limit activity, with most operators only covering when required.

There were fresh signs of market activity in the Indian Ocean this week as owners became accustomed to the new reality. This has especially been seen with the increase in Oman port calls, which are paying a premium and being used as a transhipment hub for cargo interests unable to access their usual ports within the Gulf. The bunker situation has also stabilised, with supply back online, removing part of the uncertainty that had been holding many back. Further south, increasing tonnage counts in South Africa are putting some downward pressure on rates in the area. Coal prices in Indonesia and Australia have been more attractive recently, hence the lack of demand for South African product. Sentiment in the area remains cautious, with all eyes on the Middle East and how the situation develops there.

The US Gulf started the week sluggishly, with little in the way of reported activity. However as it progressed some fresh demand surfaced for the larger ships and the prompt tonnage began to clear out. This spurt of enquiry could be down to charterers wanting a clean slate for after the upcoming holidays. The Supra’s have fared better than the Handies, where a bit of fixing and failing has taken place. For the handies to pick up we need to see a material increase in woodpellet demand, but it remains to be seen if this will happen after the holiday weekend.

In the South Atlantic, tonnage is beginning to build, although not at the same pace seen last week. Out of West Africa, several of the larger fronthaul tenders have been pushed back, reducing immediate demand. However, ECSA has seen a pickup in grain activity, absorbing a number of Panamaxes and also providing support to the supramax and ultramax segments. A number of operators are opting to use their own tonnage, as volatility in bunker prices continues to limit arbitrage opportunities. As a result, vessels with bunkers on board are achieving a premium. Bunker availability remains present in key Atlantic hubs such as Gibraltar, although prices have been firming over the course of the week. Looking ahead, grain volumes from ECSA are expected to increase, which should provide underlying support to the market.

Bunker markets continued to remain firm, with prices now around USD 880 pmt in Singapore, USD 850 in Fujairah and USD 760 in Gibraltar, reflecting ongoing disruption in Middle East supply. While availability remains manageable for now, particularly in Asia, this is largely supported by existing inventories, with limited replenishment entering the market. The situation remains fragile, and continued disruption is likely to tighten supply further and keep upward pressure on prices, with widening spreads between regions already influencing refuelling strategies.