It was never going to be much of a session given the Golden week holiday and so it proved. In fact with iron ore seeming to bump along the bottom and Brent Crude bouncing back, there was some enthusiasm on paper for what might, just turn into a Q4 rally after all.

Capesizes slipped a touch at the start of the week and remained range bound with little movement on the indices. By midweek the market had perked up even though the indices were slashed. Buyers came back on October, November and Cal16, suggesting either an upturn or another false dawn.

Slower again as the week drew on with rates falling as the market opened weaker and traded down to the lows before finding support. Volumes were small and as Thursday closed traders were happy to wait and see what tomorrow - or next week - brings.

Panamaxes were busier – with congestion in NOPAC and Panama leading to some improved buying on the routes and some fizz on the T/C contract with October and Q4 trading up.

With the midweek index back in positive territory and both basins seeing some increased activity, there was improved buying across the curve on November, December and Cal16. More gains as the week ended on prompt with Oct and Q4 trading up after a better than expected index. Despite some resistance at the day’s highs towards the close the tone remains upbeat.

Supramax paper started the week strongly with rates gradually pushing forward nearby and down the curve. A negative index on Tuesday but some support close to spot and the market was subject to a positive tone. With some better sentiment from larger sizes filtering through, rates crept up on November - December.

The forward movement continued as rates pushed once again. The positive panamax sentiment encouraged supramaxes to follow suit with front months the favoured period trading down the curve.