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Return from the Orthodox Christian Easter Holidays with an Upward Trend

By Iakovos (Jack) Archontakis

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

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

The freight market, upon its return from the Orthodox Christian Easter holidays, resumed active trading with gains across all segments. Let us examine, by vessel size and region, how the market evolved. More specifically, Capes rose by 33.76%, Kamsarmaxes by 10.7%, Ultramaxes (63) by 15.59%, and Handies by 6.63% compared to the week preceding Orthodox Christian Easter. Consequently, the BDI increased by 501 points week-on-week, closing at 2,567 points on Friday, April 17.

Let us now take a closer look at how the dry bulk market moved over the past week by vessel size, beginning with the Capes. In Asia, the active participation of miners in the market, combined with a limited supply of vessels, led to a rise in freight rates. Notably, on the key Australia–China route, rates increased by 1 dollar per ton. The index levels on the Australia–China route (C5) closed on Friday at $13.6/tn.

In the Atlantic, South Brazil and West Africa experienced a revival in demand at the start of the week, while the growing number of fixtures reduced the pool of open vessels. In the North Atlantic, a similar picture emerged, with a satisfactory volume of fixtures for both transatlantic and Asia-bound voyages. By Friday, rates for Brazil–China trips reached $32.67/tn (C3 route), while voyages from Europe to Asia closed at $62.56K/day (C9 route), and transatlantic round voyages at $37.3K/day (C8 route).

Turning to the Kamsarmaxes, in the Atlantic—and particularly in the north—the week began with limited demand. However, more cargoes soon emerged, mainly grains bound for Asia, providing upward momentum to rates. A similar pattern was observed in the south, where interest was likewise focused on Asia-bound voyages. Indicatively, rates for voyages from the East Coast of South America (ECSA) to the Far East reached $22–24K/day (delivery Asia), from Europe to Asia $25–27K/day (delivery Europe), and transatlantic round voyages $14–16K/day (delivery Gibraltar).

In Asia, activity from Australia and Indonesia gradually tightened vessel availability. At the same time, interest in period charters increased, along with cargo flow. Rates for round voyages in Southeast Asia–Far East were assessed at $20–22K/day (delivery Far East).

As for the Ultramaxes, Southeast Asia remained active, with numerous clinker and coal cargoes from Indonesia, mainly destined for India. Rates for voyages between Southeast Asia and the Far East stood at $16.5–18K/day. Further north, in the Far East, the market started the week on a quiet note, but activity gradually improved, lifting rates. The main driver was backhaul cargoes, while there was also notable interest in period charters. Rates for round voyages in the North Pacific (NOPAC) ranged at $17–18.5K/day, for trips to India at $20.5–22K/day, and for backhaul voyages to the Atlantic (BH) at $15.5–17K/day.

In the Arabian Gulf and West Coast India, the market moved without significant changes. Geopolitical developments continue to shape market direction, and most owners demanded a high risk premium for transiting the Strait of Hormuz. Rates for voyages to the Far East ranged between $11.5–13K/day (from West Coast India – WCI).

In the Atlantic, and particularly in the U.S. Gulf, there was a notable surge in freight rates. Limited vessel availability for late April forced charterers to raise their offers. Rates for transatlantic voyages reached $26.5–28K/day and to Asia $23–24.5K/day. The ECSA region showed improvement toward the end of the week, with more fixtures concluded at higher levels than the previous week. Rates toward Southeast Asia–China were assessed at $27–28.5K/day and for transatlantic voyages (Mediterranean/Europe) at $28–29.5K/day.

Europe began the week quietly, with limited activity following the Orthodox Christian Easter holidays. As alternatives for shipowners remained scarce, interest in cargoes from Russia increased. At the same time, the market found support from scrap cargoes. Rates for local round voyages stood at $16.5–18K/day, for scrap cargoes to the Mediterranean at $17.5–19K/day, and to Asia at $17–18.5K/day.

The Mediterranean came under pressure due to an oversupply of vessels and reduced demand. Additionally, the large number of vessels repositioning to the western Mediterranean quickly absorbed the limited fresh cargoes, maintaining downward pressure on rates. Indicatively, a UMX for a voyage from the Mediterranean to Asia was fixed at $18–19.5K/day (delivery Canakkale), to the Atlantic at $7–8.5K/day, and within the Mediterranean at $9.5–11K/day (excluding war zones).

In the Handysize segment, Europe experienced significant fluctuations due to high fuel costs and limited tonnage availability. However, increased scrap cargoes and improved conditions in Brazil helped shift market sentiment, though this was not immediately reflected in rates. For the larger vessels of the segment, round voyages reached $14.5–16K/day, scrap cargoes to the Mediterranean $16.5–18K/day, and transatlantic voyages $11–12.5K/day.

The Mediterranean weakened due to reduced cargo flow, which could not absorb the growing supply of tonnage. Meanwhile, charterers maintained a wait-and-see stance. Rates for vessels above 36K DWT were assessed at $7.5–9K/day for intra-Mediterranean voyages, $9–10.5K/day to Europe, $8–9.5K/day to the Atlantic, and $12.5–14K/day to Asia (all with delivery Canakkale).

Across the Atlantic, in the U.S. Gulf, the market started quietly but gained momentum as the week progressed. Although a considerable number of open vessels limited any sharp upward movement, a firmer trend is expected as tonnage is gradually absorbed. Indicatively, rates for larger vessels stood at $12.5–14K/day for transatlantic voyages and $13.5–15K/day to Asia.

The ECSA region moved at a slower pace, with a limited number of fixtures, largely due to the Orthodox Christian Easter period. The few cargoes that appeared were insufficient to alter the overall sentiment. Thus, rates for transatlantic voyages (Europe–Mediterranean) stood at $21–22.5K/day and to Asia at $21–22.5K/day.

In Asia, there was notable activity, with fresh cargoes emerging in both the north and the south, leading to upward trends in both regions. Further west, in the Arabian Gulf and India, the market remained relatively stable. Activity in India was limited, while shipowners continued to demand a high risk premium. Rates for round voyages in the Far East and NOPAC closed at $14.5–16.5K/day, from Southeast Asia to China at $14.5–16K/day, and from West Coast India to China at $22.5–24K/day.

Legal Disclaimer : 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 remain the sole responsibility of the reader.