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The dry bulk cargo market continued dropping, with the most significant fall the one of Capes and the rest sizes are following. Asia kept on presenting bigger fall compared to the Atlantic Basin considering all sizes. Specifically, capes retreated 22.5%, Kamsarmaxes -9.6%, Supramaxes -9.1% and Handies -8.9%, compared to last week. With that given, BDI presented a fall of 302 credits (-12.81%) and closed at 2055 credits on Friday, the 8th of April.
Lets now see more specifically, how the dry bulk cargo market moved last week per vessel size, starting off with Capes. In Asia, iron ore cargoes were limited, with China reducing its imports. Moreover trips to the Atlantic Basina and round trips to the Pacific presented the most significant weekly drop compared to the rest sector (63 and 37% accordingly). Levels of freights regarding route Australia-China (C5) closed at $ 9.24 / tn, on the end of the week.
In the Atlantic Basin and especially in Brazil the image was similar to Asia’s while iron ore cargoes there presented a fall as well, drifting the basic index C3 to a 5% drop compared to last week. Friday freights reached for trips from Brazil to China at $ 24.78 / tn (for the route C3), while rates from the Continent to Asia closed at $ 30.34 K/ day (for the route C9) and for transatlantic round trips at $ 9.35 K/ day (for the route C8)
Considering Kamsarmaxes in Latin America the week started without any significant activity. In the North Atlantic the first half of the week was negative, with the market being affected from the previous period. Consequently, transatlantic trips retreated with owners preferring to stay in the area, while trips to Asia presented improvement. During the last days of the week the image was contradictory. On the one hand in the North owners gave up on their ideas in order to book some occupation for their vessels while in the South activity was improved. Indicatively, rates for trips from East Coast of South America (ECSA) to the Far East reached at $ 25-27 K/ day + $ 1500-1700Κ GBB , and for round transatlantic trips through the U. S. Gulf and N. Coast of South America at $ 26-28 K/ day.
On the other hand, in Asia the market presented, during the first days, a satisfactory volume of cargo despite the holidays. Moving on, the market presented improvements. To the end of the week, the situation seemed to be stabilized, with some cargoes still being in the market. Rates regarding round trips from Australia to the Far East moved between $ 21.5-23.5 K/ day.
Considering Supramaxes-Ultramaxes in S. E. Asia the market showed an downward trend due to the lack of coal cargo. SMX’s rates for trips between S. E. Asia and the Far East decreased at $ 24.5-26 K/ day. Northern, in the Far East the market kept on retreating due to the holidays in China during the first half of the week. Only cargoes to the Atlantic Basin moved at more than 30 K. SMX’s rates regarding round trips to the Far East and NOPAC moved between $ 23-24K/ day, regarding trips to W. C. India at $ 25-26.5 K/ day and for returning trips to the Atlantic Basin (BH) at $ 31-32 K/ day.
In Middle East Gulf (MEG) and W. C. India the market started off calmly, but during the week, demand was improved keeping rates on the same levels. Offered capacity stays limited and an improvement on the volume of cargoes will improve the market. SMX’s rates regarding trips to the Far East decreased at $ 28.5-29.5 K/ day (from MEG – W. C. India), for short trips between MEG – W. C. India at $ 29-30 K/ day and for trips to the Mediterranean at $ 30.5-31.5 K/ day.
In the Atlantic and especially in the U. S. Gulf was observed a stable flow of cargoes, which was not enough to overturn the negative environment from the previous weeks. Trips to Asia presented some interest, while the downward trend in Asia, making it more preferable to owners. SMX’s rates as regards transatlantic trips fell at $ 29-30 K/ day and to Asia levelled off at $ 34-35 K/ day. In ECSA area the market had a dynamic start of the week, but during the last days of the week a drop was observed. The number of spot-prompt vessels is now decreased, so an increase of demand on the next days will lead to increased rates. SMX’s rates regarding trips to S. E. Asia -China dropped at $ 39-40 K/ day and for the transatlantic trips (Mediterranean-Continent) at $ 41-42 K/ day.
Continent’s market was enhanced with some wheat cargo from France and scrap cargo, but the lack of demand from the surrounding area lead rates to further drop. SMX’s rates for round-local trips moved between $ 24-25.5 K/ day, with scrap cargo to the Mediterranean at $ 24-25 K/ day and to Asia at $ 26-27 K/ day. In the Mediterranean the market presented recession. With the war going on and the Black Sea basically being inactive, only some cargoes mainly from West Africa are supporting the market. Indicatively, it is reported that a SMX for a trips from the Mediterranean/ Black Sea to Asia closed at $ 26-27 K/ day (delivery at Canakkale/ Black Sea), to the other side of the Atlantic Basin at $ 20-21 K/ day and to the Mediterranean at $ 21.5-22.5 K / day.
Handie’s market, in the Continent was observed a fall since many owners decided to stay in the area and not move, while cargoes were not enough to cover whole supply capacity. Rates for the bigger vessels of the category, for round trips dropped at $ 19.5-20.5 K/ day, to the Mediterranean with scrap cargos at $ 21-22 K/ day and for transatlantic trips at $ 17-18.5 K/ day.
The Mediterranean was under pressure with intense effect from the ongoing war in the Black Sea. Rates of the bigger vessels (past 36 tonne DWT) for trips in the Mediterranean moved between $ 19.5-20.5 K/ day (delivery at Canakkale), to the Continent at $ 20-21 K/ day (delivery at Canakkale), to the other side of the Atlantic at $ 18-19 K/ day (delivery at Canakkale) and to Asia at $ 22.5-23.5 K/ day.
To the other side of the Atlantic, in the U. S. Gulf the market lost ground while the competition of owners was significant in order to book one of the few cargo of the area. Only trips to Asia presented interest. Indicatively, rates for the bigger vessels of the category regarding trips to the other side of the Atlantic decreased at $ 28-29 K/ day and to Asia increased at $ 28.5-29.5 K/ day.
ECSA’s market presented improvements, while in the area arrived vessels that moved the previous weeks from other areas. With that given, rates of the bigger vessels of the ECSA area as regards transatlantic trips (Continent-Mediterranean) moved between $ 38-39.5 K/ day and to Asia between $ 40-41 K/ day.
In Asia the market kept on its downward trend, since new cargoes was absent from S. E. Asia, Australia and N. Pacific. On the other hand, in W. C. India and MEG we saw increased activity despite the fact that we are going through the period of Ramadan. Rates of the bigger vessel’s of the category regarding round trips to the Far East and NOPAC closed at $ 24.5-26 K/ day, and from S.E. Asia to China at $ 25-26 K/ da and from W. C. India to China at $ 27.5-28.5 K/ day.

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