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As regard smaller sizes the losses were marginal. All areas were under pressure, while significant interest were presented from W. C. India and the new commercial restrictlions entered into force. To be more specific, capes retreated by 37.7%, Kamsarmaxes -10%, Supramaxes -0.7% and Handies -0.9%, copared to last week. With that given, BDI illustrated a recession of 663 credits (-19.8%) and closed at 2681 credits on Friday, 27th 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 market considerably retreated losing more than 3 dollars per tonne in a week, regarding the main route from W. Australia to China. Freight levels on route Australia-Chia (C5) closed at $ 11.74 / tn, at the end of the week.
In the Atlantic Basin the market presented the same image as in the Pacific. Most owners turn their focus on trips from S. Africa and Brazil to Asia. Given that, vessels increased as much in the North as in the South Atlantic dragging freights down. Friday’s freights as regards trips from Brazil to China reached up to $31.68 / tn (for route C3), while rates from Continent to Asia closed at $ 44.9 K/ day (for route C9) and regarding transatlantic round trips up to $22.1 K/ day (for route C8)
Considering Kamsarmaxes, in the Atlantic Basin the market started the week declining, with decreased volume of cargo mainly regarding transatlantic trips and continued with the same rhythm. Thus, owners were forced to decrease their ideas. Indicatively, rates as regards trips from the East Coast of South America (ECSA) to the Far East reached up to $ 27.5-29.5 K/ day (delivery at Asia), from the U. S. Gulf to Asia up to $ 39-41K/ day (delivery at Continent) and for round transatlantic trips through the U. S. Gulf and N. Coast of S. America up to 28-30K/ day.
On the other hand, in Asia the week started with several discussions but both sides were hesitant to proceed. Later in the week, charterers seemed to impose their rhythm mainly on vessels that are immediate available, achieving drop of freights. Rates regarding round trips in Australia-Far East moved between $ 28.5-31.5 K/ day.
As regards Supramaxes-Ultramaxes in S. E. Asia the market retreated while the supply of capacity was enhanced with more vessels from E. Asia. SMX’s rates regarding trips between S. E. Asia and the Far East dropped at $ 32-33.5 K/ day. Northern, in the Far East the market presented a downward trend with demand of local trips and N Pacific being decreased. Owners options were limited while the most of them were avoiding W. C. India due to the monsoon period. SMXs rates regarding round trips in the Far East and MOPAC moved between $ 27.5-29.5 K/ day, for trips to W. C. India between $ 33-34.5 K/ day and returning trips to the Atlantic Basin (BH) between $ 3.8.5-40 K/ day.
In the Middle East Gulf and WC. India commercial restrictions (export of wheat prohibition and taxation on iron ore) has created angst on the market. Most owners desired trips to the Far East. SMX’s rates regarding trips to the Far East fell at $ 35-6 K/ day (from Middle East Gulf [MEG] to W. C. India), regarding short trips between MEG-W.C. India at $ 33.5-34.5 K/ day and for trips to Mediterranean at $ 33.5-34.5 K/ day.
In the Atlantic Basin and especially in the U. S. Gulf market presented an downward trend while it was burdened with many moving vessels from the other side of the Atlantic Basin. SMX’s rates regarding transatlantic trips retreated at $ 37-38 K/ day and to Asia remained at $ 38-39 K/ day. ECSA area started dynamically giving the impression that the week would present many improvements. However, the continuation of the week was not respective, with activity remain on the lower levels. SMX’s rates regarding trips to S. E. Asia-China retreated at $ 41-42 K/ day and regarding transatlantic trips (Mediterranean/ Continent) at $ 44-45.5 K/ day.
Continent’s market presented a downward trend, demand was limited and supply of vessels remained stable. SMX’s rates as regards round-local trips moved between $ 24-25 K/ day, trips with scrap cargo to the Mediterranean between $ 24.5-25.5 and to Asia between $ 27-28 K/ day. In the Mediterranean the market may have been more active but significant variations regarding rates were not observed. The market was supported by cement and clinker cargo. Thus rates remained on the same levels. Indicatively, it is claimed that an SMX for trip from the Mediterranean to Asia closed at $ 25-26 K/ day (delivery at Canakkale), to the other side of the Atlantic Basin at $ 18-19.5 K/ day and in the Mediterranean at $ 22.5-23.5 K/ day.
As regards Handies marker, in Continent the market proceeded without any significant activity and as a result any negotiations to be made on lower levels compared to last week. Rates for the bigger vessels of the category, regarding round trips decreased at $ 21.5-22.5 K/ day, to the Mediterranean with scrap cargo at $ 2.5-21.5 K/ day and for transatlantic trips remained at $ 17-18 K/ day.
In the Mediterranean intense activity was observed, but increased capacity did not allow any margins for improvements regarding freights. Rates of the bigger vessels (past 36K tonne DWT) regarding trips in the Mediterranean moved between $ 23-24 K/ day (delivery at Canakkale), to Continent at $ 23-24.5 K/ day (delivery at Canakkale), to the other side of the Atlantic Basin at $23-24 K/ day (delivery at Canakkale) and to Asia at $ 23.5-24.5 K/ day.
On the other side of the Atlantic Basin, U. S. Gulf moved on lower levels since wheat cargoes did not provided the expected support. Indicatively, rates of the bigger vessels of the category regarding tripsto the other side of the Atlantic Basin decreased at $ 27.5-28.5 K/ day and to Asia at $ 29.5-30.5 K/ day.
ECSA’s market showed an downward trend, with exports being limited and therefore need for transportation. With that given, rates for the bigger vessels from ECSA area regarding transatlantic trips (Continent-Mediterranean) moved between $ 35-36.5 K/ day and to Asia between $ 42-43.5 k/ day.
In Asia, sub-markets of W. C. India and Middle East, S. E. Asia and the Far East remained more or less on the same levels despite the pressure that they were under. In W. C. India the new restrictions has obvious impact on demand, while and further east the volume of cargo was limited as well. Rates of category’s bigger vessels as regards round trips to the Far East and NOPC closed at $ 31-33 K/ day, from S. E. Asia to China at $ 27-28 K/ day and from W. C. India to China at $ 29.5-30.5 K/ day.
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