Improvements in the dry bulk cargo market thanks to Capes

BDI, Iakovos (Jack) Archontakis
Commercial Director TMC MARITIME CO.

Dr. Fotios-Evangelos Karlis
Maritime Executive and Consultant

The dry bulk cargo market was up, compared to two weeks ago, with Capes posting double-digit gains and Panamaxes posting double-digit losses.

Brief report and predictions for next week for handy and supramax sizes 23RD August 2024

HANDYSIZE

• USG/USEC: The market had a slow start last week but recovered as fresh requirements appeared. Expect further positive developments in the following week.
• ECSA: The absence of new requirements and the buildup of tonnage led to lower market levels. A positive sign was the increase in the draft upriver, allowing more vessels to be workable and find employment. A push in demand is needed to see any positive market development in the coming week.
• CONTI: The market showed improvements due to increased activity and limited supply of capacity. Expect the same for the next week.
• MED: The market was subdued without significant action from BLACK SEA. However, owners insisted on maintaining their levels. Expect downward corrections next week unless there is an increase in cargo flow.
• MEG/INDIA: The market was under pressure, and owners considered various destinations with a discount on their ideas. Expect the market to stabilize or see marginal losses for owners next week.
• SEASIA/FEAST: The market dropped due to weak cargo flow, with capacity concentration noted in both the South and North. Expect the market to remain under pressure next week.

SUPRAMAX

• ECSA: The market moved slowly with a limited tonnage list, but the lack of fresh cargoes stopped any upward trend. Expect the market to proceed sideways next week.
• USG: The market was flat without significant changes. Sentiment is positive with some fresh cargoes, and the tonnage list is gradually reducing.
• CONTI: The market was active with some orders for early September. However, there are still many vessels available, so expect the market to remain balanced next week.
• MED: Ship supply reduced as a few vessels were covered, but there was still an oversupply of vessels, pressing the rates. Furthermore, the volume of grain cargoes was not healthy. Don’t expect any positive development before September.
• MEG/INDIA: Demand was enriched with some fresh cargoes, but there were plenty of open vessels, keeping the rates unchanged. Expect the market to proceed similarly next week.
• SEASIA/FEAST: In the southern area, there was a slight decrease in cargoes from Indonesia and Australia. In the northern area, NOPAC and China couldn’t support the market, which remained under pressure. Anticipate further pressure on rates next week.

Best Regards,

Iakovos (Jack) Archontakis
TMC Commercial Director (as Agents only)

Disclaimer
This report and the information contained herein it is for general information only and does not constitute an investment advice

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