In the latest weekly report from shipbroker Xclusiv, the Panamax market has witnessed a notable rally, reaching a nearly 11-month high with the Baltic Panamax Index (BPI) hitting 1,874 points. The Skaw-Gibraltar Transatlantic round voyage played a significant role in boosting the BPI, experiencing a remarkable 60% increase in the last 10 days and nearly 250% since July 25, 2023. Other key routes, such as Japan-South Korea Transpacific and South China-Indonesian round voyages, also contributed to the surge, showcasing a 120% increase since July.

The report highlights increased demand for Panamaxes in North Atlantic and Pacific routes, with tight tonnage supply. Healthy commodity volumes, including rising grain exports from the USA and increased coal imports from Asian countries, contribute to the optimistic market outlook. The stability in iron ore demand, coupled with positive signals from Beijing regarding infrastructure projects, adds to the positive sentiment.

In contrast, the wet market experienced notable moments, notably the International Energy Agency's report projecting increased oil demand and supply growth in 2023, driven by strong Chinese demand and robust US and Brazil production. However, concerns arise about a surplus in the oil market in the first quarter of 2024, despite OPEC+ group's production reduction. The dirty market index saw a 5.4