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The ddrybulk cargo market fell sharply last week, due to the larger sizes, that presented the biggest decline. More specifically, capes fell by 19.4%, Kamsarmaxes -15.3%, Supramaxes -11.6%, and Handies -6.7%, compared to the previous week. Thus, the BDI fell by 285 credits (-15.7%) and closed at 1534 credits on Friday, October 28.
Let's see, in more detail, how the dry bulk cargo market moved by vessel’s size last week, starting with CAPEs. In Asia some movement can also be seen from Western Australia however it appeared that the charterers imposed their pace on the market. Index levels on the Australia-China route (C5) closed on Friday at $8.64/tn.
In the Atlantic Basin, Brazil and the North Atlantic moved at low speeds. In the South Atlantic, some miners started to meet their requirements for the second half of November, but this was not enough to reverse market sentiment. It is also worth noting that at the beginning of the week coaltrans, the world conference on the coal trade, took place in Athens. Indexes on Friday as regards trips from Brazil to China reached up to $19.95/tn (for C3 route), while Continent to Asia rates closed at $30.75 K/day (for C9 route) and regarding tansatlantic round trips at $19.83 K/day (for route C8).
Regarding Kamsarmaxes, in the Atlantic Basin the week started off lazy due to the holidays in Asia. The rest of the week continued at the same rate. In the north the absence of cargoes of wheat was obvious, while on the East Coast of South America (ECSA) moving vessels from the east further burdened the sentiment. For example, rates regarding trips from ECSA to the Far East reached up to $15-17K/day (delivery to Asia), from the US Gulf or North Coast of South America to Asia up to $26-28K/day (delivery to Continent) and on the same route at $ 30-33 K/day (with delivery in the US Gulf).
On the other hand, in Asia with the holiday in Singapore on Monday, the week started a bit later. Indonesia and Australia did not help and only the North Pacific offered some alternative choices to shipowners but at lower levels than before. Indonesia-Far East round trip fares ranged between $13-15K/day.
Considering Supramaxes-Ultramaxes in Southeast Asia the market were under pressure as coal cargoes were absent while Australia was also quiet. SMXs rates regarding trips between N.A. Asia and the Far East fell to $ 11.5-13K/day. Further north, the Far East continued to lose ground with China's decreased exports and the North Pacific not helping either. SMXs rates regarding NOPAC round trips moved between $11-12.5K/day, W. C. India round trips between $10.5-11.5K/day and the returning trips to the Atlantic Basin (BH) between $11, 5-12.5K/day.
In the Middle East Gulf and W. C. India the market returned to normal, but demand was not enough to absorb all the accumulated capacity regarding offered capacity. SMXs rates regarding Far East trips ranged between $16.5-17.5K/day (from Middle East’s Gulf (MEG)–W. C. India (WCI)), as regards short-local trips between MEG–W. C. India between $15.5 -17K/day and trips to the Atlantic Basin between $13-14.5K/day.
In the Atlantic Basin and especially in the US Gulf the market retreated as there were few new cargoes appearing on the market. SMXs rates regarding transatlantic trips dropped to $21.5-22.5K/day and to Asia to $25.5-27K/day. ECSA area presented a lot of activity and combined with the limited number of vessels kept the upward trend of the rates. The rates of SMXs regarding trips to N.A. Asia-China rose to $26-27.5K/day and for Transatlantic trips (Mediterranean/Continent) rose to $32.5-34K/day.
Continent presented further improvements due to grain and scrap cargoes. SMX rates for round local trips moved between $23-24K/day, for trips with SCRAP cargoes to the Mediterranean between $22.5-23.5K/day and to Asia between $25-26.5K/ day. In the Mediterranean only cargoes from Ukraine and Russia from the Black Sea paid a premium. The rest of the market moved on lower levels. For example, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $25.5-27K/day (Canakkale delivery), to the other side of the Atlantic Basin at $19-20.5K/day and within the Mediterranean at $ 20-21 K/day.
In the Handies market, in Continent the market retreated as the list of cargoes for late October and early November is small and capacity has started to accumulate. Rates for the bigger vessels in the category, for round trips fell to $21-22.5K/day, to the Mediterranean with Scrap cargoes to $20-21K/day and regarding Transatlantic voyages to $16-17K/day.
The Mediterranean moved at two speeds. On the one hand the Black Sea that gave some bonus for cargoes from Ukraine and Russia, and on the other the rest of the region which was calm. Bigger vessel rates (over 36K tonnes DWT) for trips in the Mediterranean moved between $20-21K/day (delivery at Canakkale), to the Continent between $20-21.5K/day (delivery to Canakkale), across the AAtlantic Basin between $18-19.5K/day (Canakkale delivery) and to Asia between $25-26K/day.
On the other side of the Atlantic Basin, in the US Gulf the market was calm, with demand quite limited. In addition, drafts in the Mississippi remain low. More grain shipments are expected in the market in the coming period. Indicatively, rates of the largest vessels in the category regarding trips to the other side of the Atlantic Basin ranged between $15-16K/day and to Asia between $17-18K/day.
In the East Coast of South America (ECSA) area the market presented the best picture of all sub-Atlantic markets with satisfactory demand. Thus, the charterers of larger vessels from the ECSA area regarding Transatlantic trips (Continent – Mediterranean) moved between $29-30.5K/day and to Asia between $28.5-30K/day.
In Asia, both Indonesia and Australia as much as China were down, due to an oversupply of vessels while demand was almost non-existent. To the west, W. C. India did not show much activity due to the diwali celebrations, but the Gulf showed a quite better picture but did not change the negative course of the market. Far East and NOPAC round trip rates regarding larger vessels closed at $10.5-12K/day, from N.A. Asia to China at $10-11.5K/day and from the West. India to China at $11.5-13K/day.

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