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Last updateΔευ, 04 Ιουλ 2022 2pm

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The good sentiment remains in the dry bulk cargo market after the Asian holidays

Bulk carrier 1

Iakovos (Jack) Archontakis
Commercial Manager TMC MARITIME CO.

Fotios-Evangelos Karlis
Chartering Department TMC MARITIME CO.

The dry bulk cargo market continued with a raise, with Capes pulling with them the index up and Panamaxes and Handies followed.

On the contrary Supramaxes presented a borderline drop. To be more specific, capes raised by 35.5%, Kamsarmaxes by +8%, Supramaxes fell by -0.2% and Handies improved by +3% compared to last week. With that gives, BDI presented a raise of 314 credits (+13%) and closed at 2718 credits on Friday, 6th of May.
Let’s now see more specifically, how the dry bulk cargo market moved last week per vessel size, starting off with Capes. In Asia the week was short due to the Asian holidays, but during the return of the market, intense activity was observed and raise of freights regarding most of the routes. Levels of freights regarding route Australia-China (C5) closed at $ 13.2 / tn, on the end of the week.
In the Atlantic Basin, in Brazil remained its big raises, while W. Africa was supportive. On the contrary, tin the North the image was under pressure, but cargoes of coal enhanced the market, by paying premium because of the geopolitical situations. Friday freights reached for trips from Brazil to China at $ 30.43 / tn (for the route C3), while rates from the Continent to Asia closed at $ 39.36 K/ day (for the route C9) and for transatlantic round trips at $ 17.2 K/ day (for the route C8)
As regards Kamsarmaxes, in the Atlantic Basin the market started off calmly, while the environment was positive. Moreover, as expected, activity raised with many bookings on the higher levels from the last time period regarding all routes. Indicatively, rates regarding trips from the East Coast of South America (ECSA) to the Far East reached up to $ 30-32 K/ day (delivery in Asia), from the U. S. Gulf to Asia at $ 37-38.5 K/ day (delivery at Gibraltar) and for round transatlantic trips through the U. S. Gulf and N. Coast of S. America at $ 27-28.5K/ day.
On the other hand, in Asia the short week due to the holidays there was not significant activity and the conversations made were limited, even though their were made on higher numbers and that was confirmed by the bookings on the end of the week. Rates regarding round trips to Australia-Far East moved between $ 17-19 K/ day.
As regards Supramaxes-Ultramaxes in the S. E. Asia the market presented improvements, despite the fact that there was the holiday environment, while Australia was calm. SMX’s rates for trips between S. E. Asia and the Far East levelled off at $ 27.5-29 K/ day. Northern, in the Far East the market moved with low speed due to the holidays. However the image of the rates was not respective since the moved on lower levels compared to the last period. SMX’s rates for round trips to the Far East and NOPAC moved between $ 26-27.5 K/ day, for trips to W. C. India between $ 30-31 K/ day and as regards returning trips to the Atlantic Basin (BH) between $ 34-35 K/ day.
In the Middle East Gulf and W. C. India the market presented a raise, with some new cargoes while vessels in the area were limited in number. Most owners seems to rush to cover before the holiday. SMX’s rates regarding trips to the Far East levelled off at $ 37-38 K/ day (from MEG to W. C. India) as regards short trips between MEG-W. C. India at $ 32.5-33.5 K/ day and for trips to the Mediterranean at $ 33.5-34.5 K/ day.
In the Atlantic Basin and especially in the U. S. Gulf the increase of the offered capacity, because of the moving vessels from the Continent and the Mediterranean, that put the market under pressure. The environment is positive for now, while this is expected to change considering the above mentioned facts. SMX’s rates for transatlantic trips raised at $ 48.5-49.5 K/ day and from Asia increased at $ 40-41 K/ day. In ECSA area the market presented more activity with many discussions, but the number of the victims was limited resulting in the retreat of rates. SMX’s rates for trips to S. E. Asia- China dropped at $ 41-42 K/ day and as regards transatlantic trips (Mediterranean/Continent) at $ 42-43 K/ day.
Continent’s market presented a downward trend, mainly because of the increase of available vessels, while the cargo flow remains stable. SMX’s rates regarding round-local trips moved between $26-27 K/ day, regarding trips with scrap cargo to the Mediterranean between $ 25.5-26.5 K/ day and from Asia between $ 29-30 K/ da. In the Mediterranean the market moved positively, since it was enhanced with more industrial cargo. Indicatively, it is claimed that an SMX for a trips from the Mediterranean to Asia closed at 25-26 K/ day (delivery at Canakkale), to the other side of the Atlantic Basin at $ 21-22 K/ day and in the Mediterranean at $ 21-22 K/ day.
In the Handies market, in Continent the market remained dynamic and the freight market continued with a borderline increase, mainly because of the bonus that the trips from the Russian ports are giving. Rates as regards the bigger vessel of the category, regarding round trips remained at $ 20.5-21.5 K/ day, to the Mediterranean with scrap cargo at $ 22.5-23.5 K/ day and for transatlantic trips retreated at $ 18-19 K/ day.
The Mediterranean presented a new raise, while more and more owners started to consider jobs at Russian ports, that are paying with very high numbers. Bigger vessels’ rates (past 36K tonne DWT) for trips in the Mediterranean moved between $ 21.5-22.5 K/ day (delivery at Canakkale), to the Continent at $ 18-19 K/ day (delivery at Canakkale), to the other side of the Atlantic Basin at $ 20-21K/ day (delivery at Canakkale), and to Asia at $ 27-28 K/ day.
On the other side of the Atlantic, in the U. S. Gulf the market continued raising, with the offered capacity remaining on low levels. Indicatively, rates of the bigger vessels’ of the category regarding trips to the other side of the Atlantic increased at $ 36.5-37.5 K/ day and to Asia at $ 31.5-32.5 K/ day.
ECSA’s market presented significant improvements for another week. The “open” vessels in the area are limited in number and extents freight competition. With that given, rates of the ECSA’s bigger vessels regarding transatlantic trips (Continent-Mediterranean) moved between $41-42 K/ day and to Asia at $ 45-46.5 K/ day.
In Asia, activity was decreased, because of the holidays during the most part of the week. However, the limited number of available vessels as much in W. C. India as in S. E. Asia helped rates to raise with the market’s return in action. Bigger vessel’s of the category rates regarding round trips to the Far East and NOPAC closed at $ 28-29 K/ day, from S. E. Asia to China at $ 26-27 K/ day and from W. C. India to China at $ 26-27 K/ day.

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