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The general dry bulk cargo index continued to rise last week, with Capes showing the biggest increase, while Supramaxes also moved positively. More specifically, capes rose by 43.7%, Kamsarmaxes -7.2%, Supramaxes +1%, and Handies -2.36%, compared to the previous week. Thus, the BDI improved by only 135 credits (+11.35%) and closed at 1324 credits on Friday, November 25.
Let's see, in more detail, how the dry bulk cargo market by vessel size moved last week, starting with CAPEs. In Asia we saw a good start to the week with negotiations taking place at the same levels as the previous week, while the follow-up was even better with the indexes moving up significantly. Index levels on the Australia-China route (C5) closed on Friday at $8.98/tn.
In the Atlantic Basin, the market showed intense activity with the North as the protagonist, while Brazil also showed a similar positive trend. Indexes on Friday regarding trips from Brazil to China reached up to $19/tn (for route C3), while rates from Continent to Asia closed at $28.57K/d (for route C9) and for Transatlantic round trips at $18.14K/day (for route C8).
Considering Kamsarmaxes in the Atlantic the week started relatively calm. In the North we saw more activity than in the South, although rates moved at lower levels compared to the previous period. Later in the week, the cargoes increased and the numbers improved. For example, rates as regards trips trips from the N. Coast Not. America (ECSA) to the Far East reached up to $30-32K/day (Lat. America delivery), Transatlantic round trips up to $14-16K/day and from the US Gulf or N. Coast of South America to Asia up to $20-22K/day (delivery to Continent).
On the other hand, in Asia the week started with fewer cargoes from Indonesia, but the North Pacific and Australia supported the market with more longer voyages, but rates remained under pressure. Indonesia-Far East round trip fares ranged from $8-10K/day.
For Supramaxes-Ultramaxes in Southeast Asia the market saw more coal cargoes from Indonesia. At the same time some East Indian cargoes kept vessels in the area helping the Southeast Asian market. SMXs rates for trips between N.A. Asia and Far East improved to 9.5-10.5K/day. Further north, the Far East was boosted by the good image of the south. Thus the shipowners gained more confidence keeping their already very low ideas while their first preference remains the trips to the Atlantic. Rates regarding SMXs round trips to NOPAC ranged between $8.5-10K/day, round trips to India between $6-7K/day and returning trips to the Atlantic Basin(BH) between $8-9K/day.
The Middle East Gulf and W. C. India saw more movement following the exemption of iron ore export duties. Offered capacity decreased and we saw more cargoes, yet rates remained low. SMXs rates for Far East trips ranged from $9.5-10.5K/day (from Middle East Gulf (MEG)–W. C. India (WCI)), for short-haul trips between Arabian Gulf–W. C. India from $7.5 -9K/day and trips to the Atlantic from $6.5-7.5K/day.
In the Atlantic Basin and especially in the US Gulf the market started the week with several discussions and some bookings from the Gulf and East Coast. However, the second half of the week was quiet given the Thanksgiving holiday. SMXs rates for Transatlantic voyages increased to $20.5-22K/day and to Asia to $23.5-25K/day. The ECSA region declined with activity remaining sluggish. Also moving vessels from the east are expected to create further pressure in the coming weeks. The rates of SMXs for trips to N.A. Asia-China fell to $22.5-24K/day and for Transatlantic travel (Mediterranean/Continent) fell to $20.5-22K/day.
Continent continued to decline with little cargo available and a large number of "open" vessels. Approaching the end of the year we do not expect significant improvements. SMXs rates for circular-local trips moved between $14-15.5K/day, for trips with SCRAP cargoes to the Mediterranean between $15.5-16.5K/day and to Asia between $18-19,5K/day. The Mediterranean presented two faces. On the one hand the Western Mediterranean in which some cargoes were presented and on the other the Black Sea, where there is intense uncertainty about the state of the area and the flow of cargoes. Indicatively, it is reported that an SMX for a Mediterranean to Asia trip closed at $24.5-26K/day (Canakkale delivery), to the other side of the Atlantic at $14.5-16K/day and within the Mediterranean at $ 16.5-17.5 K/day.
In the Handies market, in Continent the market presented an improvement in the mood with several discussions taking place mainly for intra-Atlantic trips, while most shipowners avoided going to Asia. Rates for the largest vessels in the category, for round trips remained at $13-14K/day, to the Mediterranean with Scrap cargoes at $13.5-14.5K/day and for Transatlantic trips at $12.5-13 ,5K /day.
The Mediterranean continued to be under pressure despite positive news of the renewal of the grain export corridor agreement as cargo shortages were evident. Larger vessel rates (over 36K tonnes DWT) for intra-Med trips moved between 15-16.5K/day (delivery at Canakkale), to Continent between $15.5-17K/day (delivery at Canakkale) , to the other side of the Atlantic between $14.5-16K/day (Canakkale delivery) and to Asia between $19.5-21K/day.
On the other side of the Atlantic Basin, in the American Gulf the rate market was maintained at the same levels, with an improvement in the flow of cargoes, but the number of vessels available did not allow further improvements. Indicatively, the fares of the largest vessels in the category for trips to the other side of the Atlantic ranged from $14-15K/day and to Asia from $16.5-18K/day.
In the East Coast of South America (ECSA) market continued to decline with cargo shortages evident. Thus, the charterers of larger vessels from the ECSA area for Transatlantic voyages (Continent-Mediterranean) moved between $23.5-25K/day and to Asia between $24.5-26K/day.
In Asia, the market picture changed after a period of continuous decline. The main reason for this improvement was more mobility seen in south-east Asia combined with the stabilization of the number of vessels. In the north the supply of ships was even smaller with the result that some closures were made at higher levels than the previous week. In India, rates maintained their downward trend but the sentiment appeared to be improving following the change in W. C India's trade policy on iron ore. Far East and NOPAC round trip charterera on larger vessels were closing in at $9-10.5K/day, from N.A. Asia to China at $9-10K/day and from the West. India to China at $8.5-10K/day.

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