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Panamaxes and Supramaxes continued to decline, while Handies were unchanged. In detail, Capes increased by 13.27%, Kamsarmaxes -8.05%, Supramaxes -7.9%, and Handies -0.02%, compared to the previous week. Thus, the BDI fell by 3.06% (compared to the previous week) and closed at 602 credit on Friday, February 10.
Let’s see, in more detail, how the dry bulk cargo market by vessel size moved last week, starting with CAPEs. In Asia the week started without much action, however in the second half the picture improved thanks to cargoes from Australia and Indonesia. So the week ended with marginal losses compared to the previous one. Index levels on the Australia-China route (C5) closed on Friday at $6.2/tn.
The Atlantic Basin moved positively. There were some bookins, both at the North and the South, at slightly higher levels than last week, with cargoes to Asia. Thus, the capacity supply for the next few days has been reduced. Indexes on Friday for trips from Brazil to China reached up to $16.68/tn (for the C3 route), while Continent-to-Asia rates closed at $19.625K/d (for the C9 route) and Transatlantic round trips at $5.11K/day (for route C8).
Regarding the Kamsarmaxes, in the Atlantic there were losses on all routes. The increase in «open» vessels further pressured rates, while the list of cargoes was limited. Only the route from Continent to the East presented any interest with several closures recorded. For example, the fares for the trips from the N. Coast Not. America (ECSA) to the Far East reached $18-20K/day (ECSA delivery), Continent to Asia at $14-16K/day (Continent delivery) and transatlantic round trips at $5-7 K/day (delivery in Continent).
On the other hand, in Asia the market saw strong activity during the week with several bookings for trips to the North Pacific and Australia, limiting the number of vessels available for the remainder of the month. Demand for cargoes from Indonesia to China also improved. In the last days, the continuation was not similar as there were many discussions which did not lead to any booking. Indonesia-Far East round trip rates ranged between $7-9K/day.
For Supramaxes-Ultramaxes in Southeast Asia limited coal cargoes could not help the market. At the same time, there was intense competition from shipowners, leading to a further drop in rates. SMXs rates for trips between S. E. Asia and the Far East stayed at 7.5-9K/day. Further north in the Far East there has been more movement, with much talk of trips to the North Pacific and to India. SMXs rates for NOPAC round trips moved to $5.5-7K/day, India round trips to $6.5-8K/day and Atlantic (BH) round trips to $5-6,5K/day.
In the Middle East Gulf and W. C. India the market was more active this week thanks to many cargoes from the Gulf to W. E. India and Bangladesh. However, W. C. India continued to be calm, holding back the overall rise in rates. SMXs rates for Far East trips ranged between $10.5-12K/day (from Middle East Gulf (MEG) – W. C. India (WCI)), short-haul between Middle East Gulf – W. C. India at $8.5-10K /day and trips to the Atlantic at $4.5-6K/day.
In the Atlantic and especially in the American Gulf, interest was focused on trips to Asia, as several bookings were recorded at the same levels as the previous week. Conversely, transatlantic travel was limited. SMX rates for Transatlantic trips fell to $5.5-7K/day and to Asia $10-11.5K/day. The ECSA region saw improvements in demand, but the high concentration of capacity maintained the downward trend in rates. The rates of SMXs for trips to N.A. Asia-China moved to $12-13.5K/day and for Transatlantic trip (Mediterranean/Continent) to $9-10.5K/day.
Continent remained stable. There were several new cargoes but the number of vessels immediately available was high. SMXs rates for circular-local trips moved to $7.5-9K/day, for trips with SCRAP cargoes to the Mediterranean at $6-7.5K/day and to Asia at $10-11.5K/ day. The Mediterranean saw rate increases for trips to Asia with grain cargoes. On the contrary, all the other routes continued under pressure. Indicatively, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $12-13.5K/day (Canakkale delivery), to the other side of the Atlantic at $6-7K/day and within the Mediterranean at $7- 8.5 K/day (outside war zones).
In the Handies market, in Continent the market remained stable thanks to loads from the Baltic, as activity in the rest of the regions was subdued. Rates for the largest vessels in the class, for round trips were maintained at $7.5-9K/day, to the Mediterranean with Scrap cargoes at $7-8K/day and for Transatlantic trips at $6-7K/day.
The Mediterranean had a slow start to the week, but towards the end there were improvements on most routes. We are waiting to see how the disasters in Syria and southern Turkey will affect the flow of cargo to the region. Larger vessel rates (above 36K tonnes DWT) for intra-Med trips moved to $9.5-10.5K/day (delivery at Canakkale), to Continent at $9-10K/day (delivery at Canakkale) , to the other side of the Atlantic at $6-7.5K/day (delivery to Canakkale) and to Asia at $10-11.5K/day.
On the other side of the Atlantic Basin, the US Gulf was calm. So the charterers found the opportunity to put more pressure on the rates. Indicatively, the rates of the largest ships in the class for trips to the other side of the Atlantic Basin ranged from $6-7.5K/day and to Asia at $9-10K/day.
In the East Coast of South America (ECSA) region the market continued to decline as most charterers preferred to cover short cargoes with their own vessels. Thus, larger vessels rates from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $9-10.5K/day and to Asia $13.5-14.5K/day.
In Asia the market moved upwards, after a long period of decline. With the exception of Australia, the rest of the regions saw more cargoes absorbing several ships and balancing demand with supply. Further west, the gulf continued to have a satisfactory cargo flow positively dragging W. C. India as well. Far East and NOPAC round trip charters on larger vessels closed at $7-8.5K/day, from S.E. Asia to China at $7.5-8.5K/day and from the W. C. India to China at $7-8.5K/day.

“Extending our sincere condolences to the families of the earthquake victims in Syria and Turkey and wish a speedy recovery to the injured.”