• US Gulf & East Coast (USG/USEC): A busier week was observed, particularly on Transatlantic and Far East routes, with most cargoes destined for India and the North Asia region. Despite this, a sustained uptick in demand is required to drive the market higher in the short term.
• East Coast South America (ECSA): Owners faced a challenging environment with limited spot opportunities and mounting competition. Tonnage has built up on both the South American and West African sides of the Atlantic, keeping rates under downward pressure. However, with Panamax tonnage tightening for early June, there is potential for charterers to split cargoes, offering a possible boost to Ultramax employment.
• Continent: Increased post-Copenhagen activity provided a minor lift to sentiment but failed to offset the prevailing rate softness. There is cautious optimism heading into next week, though fundamentals remain weak.
• Mediterranean: A flow of fresh prompt cargoes early in the week provided some support across both Western and Eastern Mediterranean areas. However, by week’s end, reduced replenishment of orders led to quieter conditions. A stable yet limited week is anticipated ahead, with forward cargo visibility still lacking.
• South Africa (SAFR): Following several weeks of bullish sentiment, an influx of ballast tonnage weighed on rates despite a consistent cargo flow. A demand-side recovery will be necessary to stabilize market conditions moving forward.
• Middle East Gulf / India (MEG/India): The Ultramax sector in the Gulf and Indian subcontinent remained relatively flat. Indian port congestion eased, but the onset of the monsoon season has introduced operational constraints, temporarily sidelining some tonnage. The short-term outlook is balanced, though cautious.
• Southeast Asia / Far East: Activity slowed across the region last week. Reduced coal cargoes from Indonesia and lighter steel exports in the North impacted earnings. NOPAC and Australian grain cargoes provided some relief, but the market struggled to find consistent momentum. Any near-term improvements may hinge on an uptick in backhaul demand.

Conclusion

The dry bulk market continues to demonstrate regional variability, with modest gains in some areas offset by oversupply or seasonal disruptions elsewhere. Handysize sectors are largely holding their ground, while the Ultramax segment remains more reactive to fluctuations in larger vessel availability and commodity flows. With the end of Q2 approaching, market participants will be watching closely for signs of sustained recovery or further softening.