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The dry bulk cargo market continued to rise with improvements recorded in all sizes and particularly in Capes, while other sizes followed. More specifically, Capes are up 88%, Kamsarmaxes +23.14%, Supramaxes +19.38%, and Handies +15.71%, compared to the previous week. Thus, the BDI improved by 37.15% (compared to the previous week) and closed at 1211 credits on Friday, March 3.
Let’s see, in more detail, how the dry bulk cargo market by ship size moved last week, starting with CAPEs. In Asia the market showed upward trends thanks to the large volume of coal cargoes from Australia to the North, which absorbed much of the region’s available vessels. Especially at the end of the week there were several bookings. Index levels on the Australia-China route (C5) closed on Friday at $7.75/tn.
In the Atlantic Baltic, intense movement was observed both in the North and in the South. Several vessels moving from Asia booked higher figures for loadings from Brazil during mid-March. Also some ships from the north found employment in West Africa. Indexes on Friday for trips from Brazil to China reached up to $18.75/tn (for route C3), while rates from Continent to Asia closed at $23.34K/d (for route C9 ) and Transatlantic round trips at $9.19K/day (for route C8).
Regarding Kamsarmaxes, in the Atlantic the market started positively. The number of vessels was limited and the flow of cargo, especially to Asia, was enough to increase the rates. For example, the rates for the trips from the E. Coast of S. America (ECSA) to the Far East reached up to $16-18K/day (India delivery), Continent to Asia at $20-22K/day (Continent delivery) and Transatlantic round trips at $12-14 K/day (delivery in Continent).
On the other hand, in Asia the market started the week with some mineral cargoes monopolizing the interest. However, the follow-up was not proportionate, since demand was limited and only Australia and the North Pacific offered some alternatives to shipowners. Indonesia-Far East round trip rates ranged from $12-14K/day.
For Supramaxes-Ultramaxes in Southeast Asia the market moved up, with more coal cargoes heading north. SMXs rates for travel between N.A. Asia and the Far East rose to 17.5-19K/day. Further north, in the Far East the market was strengthened with more cargoes from China and Korea, while several ships were also absorbed by cargoes from the south. SMXs rates for round trips to NOPAC moved to $11.5-13K/day, for trips to India $15.5-17K/day and round trips across the Atlantic Basin (BH) to $12.5- 14K/day.
In the Middle East Gulf and W. C. India the market continued its upward trend, with several negotiations and demand fluctuating at satisfactory levels. Also The list of vessels that were available was further reduced compared to last week. SMXs rates for Far East trips ranged from $16.5-18K/day (from Middle East Gulf (MEG) – W. C. Indies (WCI)), short-haul between Arabian Gulf – W. C. India at $13.5-15K /day and trips to the Atlantic at $10.5-12K/day.
In the Atlantic Basin especially the American Gulf, it was maintained at the same levels with demand and supply being in balance. SMX rates for Transatlantic trips remained at $12.5-14K/day and to Asia at $17.5-19K/day. The ECSA region benefited from a reduced number of moving vessels from Africa as cargo flow remained stable. The rates of SMXs for trips to N.A. Asia-China moved to $16-17.5K/day and for Transatlantic trips (Mediterranean/Continent) to $18-19.5K/day.
Continent showed improvements, mainly due to an increase in grain cargoes. In contrast, scrap loads were limited. SMX rates for round-trip local trips moved to $11.5-13K/day, for trips with SCRAP cargoes to the Mediterranean at $12-13.5K/day and to Asia at $17.5-19K/ day. The Mediterranean saw increases in rates as the market strengthened with several new grain and clinker cargoes, while the supply of capacity favored shipowners. For example, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $15.5-17K/day (Canakkale delivery), to the other side of the Atlantic at $11-12.5K/day and within the Mediterranean at $ 11-12.5 K/day (outside war zones).
In the Handies market, in Continent the number of «open» vessels was reduced while there were still enough cargoes to cover. Rates for the largest vessels in the class, for round trips rose to $9.5-11K/day, to the Mediterranean with Scrap cargoes to $12-13.5K/day and for Transatlantic trips to $7-8K/day .
The Mediterranean had a slow start but improving cargo flows, mainly from Ukraine, boosted the market during the week. Larger vessel rates (above 36K tonnes DWT) for intra-Med trips moved to $10.5-11.5K/day (delivery at Canakkale), to Continent at $10-11.5K/day (delivery to Canakkale), to the other side of the Atlantic Basin at $8.5-10K/day (delivery to Canakkale) and to Asia at $12.5-14K/day.
On the other side of the Atlantic, the US Gulf saw further improvements. It appears that the movement of vessels to the south in the past weeks has helped the market and the increase in demand has brought a rise in rates. Indicatively, rates of the largest vessels in the class for trips to the other side of the Atlantic ranged from $10-11.5K/day and to Asia at $11-12.5K/day.
In the East Coast of South America (ECSA) region the market continued with a further upturn thanks to new cargoes but also limited capacity supply. Thus, the charters of larger vessels from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $14-15.5K/day and to Asia at $16-17.5K/day.
In Asia, the market continued at the same upward pace as last week. Southeast Asia led this increase, however demand in both the North and the South was strong. Both W. C. India and the Gulf saw strong activity with many new cargoes, while the number of vessels available was also reduced. Far East and NOPAC round trip charters on larger vessels closed at $10.5-12K/day, from N.A. Asia to China at $16-17.5K/day and from the West. C India to China at $10.5-12K/day.