Weekly Cape Traffic Tracker – Week 32
Singapore tonnage eases as Capesize flows slow; rebound expected ahead
Capesize tonnage passing through Singapore eased from the previous week and remained below the year-to-date average. The decline was led by a drop in Standard Capesize/Newcastlemax volumes, which offset a smaller rise in dedicated VLOC tonnage. Looking ahead, tonnage supply through Singapore is expected to increase, with both vessel segments projected to rise in the coming week.
From a broader perspective, the 3-week rolling average is currently tracking 7% lower year-on-year, with dedicated VLOCs down 4% YoY and Standard Capesize/Newcastlemax down 9% YoY.
Australian Iron Ore Exports Decline as Port Walcott and Port Hedland – FMG Volumes Slow
Exports hit multi-month low as maintenance expands across key Pilbara ports
Australian iron ore exports fell last week to their lowest level since mid-February, when Cyclones Zelia and Sean disrupted port services. The decline was driven largely by weaker shipments from Port Walcott and Port Hedland – FMG, as maintenance activity continued, despite otherwise favourable loading conditions across the northwest.
Looking ahead, maintenance is set to expand across multiple sites, including Dampier, Geraldton, Port Walcott, and Port Hedland. With a full maintenance slate and output from key terminals already running light, short-term export volumes may remain subdued—even with cooperative weather.
Australian Coal Exports Rebound as Volumes Recover Across Key Terminals
Coking and steam coal volumes rise as weather holds steady along the east coast
Australian coal exports recovered from the prior week’s lows, as both coking and steam coal volumes increased. Coking coal shipments strengthened out of Gladstone and Hay Point, while steam coal volumes rose out of Dalrymple Bay and Newcastle, more than offsetting a notable decline from Gladstone.
Looking ahead, maintenance will continue at Abbot Point, Hay Point, and Newcastle, though Queensland’s coast is expected to see mostly fair weather, apart from some light midweek showers.
Brazil Iron Ore: Weekly Pulse
Junior miners surge while Vale dips; rollover risk grows heading into September
Brazilian iron ore exports rose last week as a sharp rebound in junior miner shipments outweighed a slight dip in Vale volumes. Vale exports fell marginally, as higher loadings from GIT offset slower flows at PDM, Tubarão, and CPBS—where the latter recorded no sailings due to an 8-day maintenance period that wrapped up last Friday. Junior miner exports surged, with increases across all tracked ports.
Midway through August, Brazil’s export pace is trending above July and broadly in line with August 2024. Vale’s volumes remain softer MoM and YoY, while junior miner flows are running higher on both counts. At the current pace, Brazil could roll over 9–10 million DWT of vessel supply into September — a sharp rise from the 5.6 million DWT carried over last month.