The Atlantic Panamax market was flat on Friday, with owners relying on US Gulf grain exports to raise the Atlantic market, but more cargo is needed to change sentiment, sources said.

Front-haul rates were stable on Friday and the route from Southwest Pass, Louisiana, to Qingdao, China, was flat at $44.25/mt. Shipping sources reported that levels of $47/mt are achievable for November cargoes, but October cargoes will probably see significantly lower rates due to the influx of ballasting vessels from the Pacific.

“We need more support from trans-Atlantic voyages so vessels don’t ballast to the Gulf from UK Continent, as well as the Pacific,” said a shipbroker.

The coal route from Hampton Roads, Virginia, to Qingdao, China, basis 70,000 mt, was assessed flat at $32/mt on Friday. The level of mineral inquiry is very low according to shipping sources and there is still an overhang of excess tonnage on UK Continent. Vessels which take cargo from the US East Coast will typically ballast over from the UK Continent, as the US East Coast is a loading zone so there are few committed vessels there, sources said.

The coal route from Hampton Roads to Rotterdam, basis 70,000 mt, was flat at $9.25/mt on Friday. There is virtually no coal cargo being offered out of the US East Coast, and with some prompt tonnage available on UK Continent, rates are still under pressure, sources said on Friday.

“Coal producers can’t sell it at the moment unless the freight costs are down at $9/mt for October cargoes, because coal prices are so low in Europe,” said a shipbroker.