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The dry bulk cargo market closed in March with small losses, with a decline recorded in all sizes except for Panamaxes, which showed a marginal increase compared to the previous week. More specifically, Capes fell by 11.56%, Kamsarmaxes +4%, Supramaxes -10.1% and Handies -2.3%, compared to the previous week. Thus, the BDI fell by 6.72% (compared to the previous week) and closed at 1389 credits on Friday, March 31.
Let's see, in more detail, how the dry bulk cargo market by vessel size moved last week, starting with CAPEs. In Asia low cargo flow led to further declines on all routes. However at the end of the week we went several loads from Eastern Australia to W. C. India. A positive for the area is the fact that many owners are choosing to move to the Atlantic. Indexes levels on the Australia-China route (C5) closed on Friday at $7.9/tn.
In the Atlantic Basin we had pressures in the North, mainly for transatlantic trips where weekly losses reached double digits. In contrast, Brazil maintained its momentum as iron ore exports increased. Thus there was a small increase compared to the previous week. Indexes on Friday regarding trips from Brazil to China reached up to $21/tn (for route C3), while rates from Continent to Asia closed at $29.9K/d (for route C9) and Transatlantic round trips at $12.2K/day (for route C8).
Regarding Kamsarmaxes, in the Atlantic Basin the market moved positively. Especially in the North Atlantic, the steady flow of cargo mainly for transatlantic trips helped the market to show a marginal increase, while trips to Asia also showed particular interest. Further south, Latin America saw strong midweek activity, pushing up rates. For example, ratesfor the trips from the E.. Coast S.. America (ECSA) to the Far East reached up to $15.5-17.5K/day (SE Asia delivery), Continet to Asia at $21-23K/day (Continent delivery) and Transatlantic round trips at $11.5-13.5K/day (Gibraltar delivery).
On the other hand, in Asia we had a slow start to the week, but the rise in FFAs brought improvements to the market. At the same time there was an increase in cargo from Indonesia, Australia and the North Pacific. Indonesia-Far East round trip rates ranged from $12-14K/day.
For Supramaxes-Ultramaxes in Southeast Asia the market declined. There are still some cargoes from Indonesia, but not enough to cover the overcrowding of ships. Also, Australia was quiet without providing any support to the market. SMXs rates for travel between S. E.. Asia and the Far East rose to 13.5-15K/day. Further north, in the Far East the market lost ground, with China and the North Pacific not offering many alternatives for shipowners. SMXs rates for NOPAC round trips moved to $10-11.5K/day, India round trips to $11-12.5K/day and Atlantic (BH) round trips to $12-13; 5K/day.
In the Middle East Gulf and West C India the market started the week positively, but an oversupply of vessels towards the end of the week pushed rates down. SMXs rates for Far East trips ranged from $17-18.5K/day (from Middle East Gulf (MEG) – West C. India (WCI)), short-haul between Middle East Gulf – West C. India at $16-17.5K /day and trips to the Atlantic Basin at $11.5-13K/day.
In the Atlantic Basin and especially the American Gulf, it moved downwards. Charterers have sought to take advantage of the concentration of capacity seen this week. SMXs rates for Transatlantic trips rose to $14.5-16K/day and to Asia $16.5-18K/day. The ECSA region moved at two speeds. On the one hand, trips to Asia showed a drop, due to reduced demand from China, and on the other, trips to Continent and the Mediterranean, which moved positively. The rates of SMXs for trips to N.A. Asia-China moved to $21.5-23K/day and for Transatlantic trips (Mediterranean/Continent)) to $17.5-19K/day.
Continent remained calm without much talk coming to the surface. Businesses to Asia were also limited. SMX rates for round-trip local trips moved to $11.5-13K/day, for trips with SCRAP cargoes to the Mediterranean at $11-12.5K/day and to Asia at $17.5-19K/ day. The Mediterranean showed a decline on all routes, due to the lack of new cargoes. Indicatively, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $20.5-22K/day (Canakkale delivery), to the other side of the Atlantic Basin at $13.5-15K/day and into the Mediterranean at $ 15.5-17 K/day (outside war zones).
In the Handies market, in Continent the market was flat mainly thanks to grain cargoes to North West Africa, while there were also some coal and scrap cargoes. Rates for the largest vessels in the class, for round trips remained at $11-12.5K/day, to the Mediterranean with Scrap cargoes at $13.5-15K/day and for Transatlantic trips at $10-11.5K /day.
The Mediterranean has shown upward trends, due to the lack of available vessels, I am out for the beginning of April, while there are some intra-Mediterranean cargoes. Larger vessel rates (above 36K tonnes DWT) for intra-Med trips moved to $14-15.5K/day (delivery Canakkale), to Continent $13-14.5K/day (delivery Canakkale) , to the other side of the Atlantic Basin at $11.5-13K/day (delivery at Canakkale) and to Asia at $17.5-19K/day.
On the other side of the Atlantic Basin, the US Gulf continued at lower levels, since there are many "open" vessels for April. There were some cargoes of wood and petcock but not enough to support the market. Indicatively, the rates of the largest vessels in the class for trips to the other side of the Atlantic ranged from $11.5-13K/day and to Asia at $13.5-15K/day.
In the East Coast of South America (ECSA) the market started the week positively but ended with small losses as demand weakened from mid-week onwards. Thus, the charters of larger vessels from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $15.5-17K/day and to Asia at $17-18.5K/day.
In Asia the market in Far East and East Asia has seen downward trends since the beginning of the week with few cargoes and low activity. Thus the available vessels in the area increased. At the same time, Australia did not help to contain the fall. Further west, it was W. C. India that held the market flat as the Gulf was calm. Far East and NOPAC round trip charterers on larger vessels closed at $8-9.5K/day, from S. E.. Asia to China at $11.5-13K/day and from the West C. India to China at $11.5-13K/day.