By Iakovos (Jack) Archontakis

Senior Maritime Strategy Consultant - Chartering Executive & TMC Shipping  Commercial Director

and
Dr. Fotios-Evangelos Karlis
Maritime Executive & Shipping Consultant

 

The dry bulk market recorded mixed performance across all vessel segments last week, as celebrations for the Chinese New Year kept much of Asia — and many market participants — away from their desks. Activity slowed noticeably, resulting in moderate rate fluctuations rather than decisive market moves.

On a weekly basis, Capesize earnings declined by 4%, Kamsarmaxes advanced by 3.45%, Ultramaxes (63 dwt) softened by 2.3%, and Handysize vessels posted a 4.25% increase. The Baltic Dry Index (BDI) fell by 40 points week-on-week, closing at 2,043 points on Friday, February 20.

Capesize: Holiday Calm Caps Momentum

In Asia, Chinese New Year festivities weighed heavily on early-week activity, pushing rates lower. Although miners gradually returned to the market, the renewed activity failed to generate meaningful upside, with only minor corrective gains seen toward week’s end. The Australia–China (C5) route closed Friday at $9.37 per ton.

In the Atlantic basin, particularly in the south, Brazil and West Africa–China routes drew attention but failed to significantly lift sentiment, as a steady inflow of ballasting tonnage from Asia limited upside potential. Northern Atlantic demand remained subdued. By week’s close, Brazil–China (C3) rates stood at $23.86 per ton. Transatlantic round voyages (C8) were assessed at $25,360 per day, while Continent–Asia (C9) trades reached $52,110 per day.

Kamsarmax: Atlantic Divides, Asia Surprises

The North Atlantic opened the week quietly, with activity picking up slightly in the second half without materially shifting rate levels. In the South Atlantic, rate differentials emerged depending on laycan positions, with March-loading cargoes commanding lower returns than April stems.

Indicatively, East Coast South America (ECSA)–Far East voyages were fixed at $12,500–14,500 per day (delivery Asia). Continent–Asia runs achieved $22,000–24,000 per day (delivery Europe), while transatlantic round voyages traded at $16,000–18,000 per day (delivery Gibraltar).

In contrast, Asia delivered an unexpected uptick in activity from the start of the week, supported by spot cargoes out of Australia and steady volumes in the North Pacific. Round voyages within Southeast Asia–Far East were concluded at $16,000–18,000 per day.

Ultramax: Diverging Regional Trends

Southeast Asia remained largely inactive, though fresh cargoes surfaced toward week’s end, potentially setting the stage for firmer demand ahead. Rates for Southeast Asia–Far East voyages hovered at $9,000–10,500 per day.

Further north, the Far East market remained calm due to the holidays, but rates held steady. North Pacific (NOPAC) round voyages were assessed at $11,000–12,500 per day, trips to India at $13,000–14,500 per day, and backhaul voyages to the Atlantic at $12,000–13,500 per day.

The Middle East Gulf and West Coast India region showed relative strength, buoyed by increased grain interest toward Latin America and firmer demand for larger units. Far East-bound voyages were fixed at $14,000–15,500 per day, short AG–WCI runs at $13,000–14,500 per day, and Atlantic-bound trips at $9,000–10,500 per day.

In the U.S. Gulf, rates softened markedly as owners rushed to secure the remaining February cargoes amid gradually rising tonnage supply. Transatlantic voyages settled at $24,500–26,000 per day, while Asia-bound runs achieved $26,500–28,000 per day.

Conversely, ECSA posted gains on tighter vessel supply, particularly in the south. Voyages to Southeast Asia–China reached $27,500–29,000 per day, with transatlantic trades (to Mediterranean/Continent) assessed at $26,500–28,000 per day.

Europe experienced a quiet start, with tonnage building as the week progressed but demand failing to match the increase. Local round voyages were fixed at $14,500–16,000 per day, scrap cargoes to the Mediterranean at $20,500–22,000 per day, and Asia-bound trips at $18,000–19,500 per day. The Mediterranean market showed early volatility before softening midweek, only to regain balance by Friday.

Handysize: Atlantic Strength Counters Asian Lull

In Europe, the Handysize market moved sideways amid a generally cautious sentiment. Owners with flexibility refrained from fixing quickly, leading to limited activity. Larger vessels in the segment achieved $16,500–18,000 per day for round voyages, $20,000–21,500 per day for scrap cargoes into the Mediterranean, and $9,500–11,000 per day for transatlantic runs.

The U.S. Gulf proved firmer, supported by limited vessel availability and healthy cargo volumes, especially for transatlantic employment. Rates reached $25,500–27,000 per day for transatlantic voyages and $16,500–18,000 per day to Asia.

ECSA began the week slowly, with attention diverted to Brazil’s Carnival, but activity gathered pace as the week progressed. Transatlantic voyages were fixed at $24,000–25,500 per day, while Asia-bound runs achieved $19,500–21,000 per day.

In Asia, trading remained subdued due to the holidays, with only India- and Gulf-related routes showing modest signs of life. Round voyages in the Far East and NOPAC were concluded at $7,500–9,000 per day, Southeast Asia–China at $9,500–11,000 per day, and West India–China at $8,500–10,000 per day.

As the market steps into what could be described as the “Year of the Fiery Horse,” momentum remains tentative. With Asia gradually returning to full operational pace, the coming weeks will determine whether this measured start evolves into sustained forward movement — or whether caution continues to rein in bullish sentiment.

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This report is provided solely for general informational purposes and does not constitute investment or commercial advice. The information herein is based on sources believed to be reliable but is not guaranteed for accuracy or completeness. Any actions taken based on this content are the sole responsibility of the reader.