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More specifically, Capes fell by 44.2%, Kamsarmaxes -6.13%, Supramaxes +10.6%, and Handies +0.45%, compared to the previous week. Thus, the BDI fell by 10.63% (compared to the previous week) and closed at 538 credits on Friday, February 17.
Let’s see, in more detail, how the dry bulk cargo market by ship size moved last week, starting with CAPEs. In Asia the week started strongly, with rates moving slightly higher side effects than the previous week. However, as the days passed the increased capacity pressured the market resulting in the week ending in losses. BDI levels on the Australia-China route (C5) closed Friday at $6.06/tn.
In the Atlantic Basin and especially in the north, the greatest losses occurred. It is worth noting that the BDI for transatlantic trips showed losses of 64%, while the corresponding index for trips to Asia fell by 25%. In the South the picture was somewhat better, with the week closing with marginal losses. Indexes on Friday for trips from Brazil to China reached up to $16.1/tn (for route C3), while rates from Continent to Asia closed at $14.7K/d (for route C9 ) and Transatlantic round trips at $1.84K/day (for route C8).
Regarding Kamsarmaxes, in the Atlantic the flow of cargoes was limited from both the US Gulf and Brazil, with the result that the rates moved at lower levels compared to the previous week. On thecontrary, some cargoes of grain from Ukraine for next month have arrived, but there is reluctance from shipowners to turn to the region, as the safe-corridor agreement has not yet been renewed. For example, rates for the trips from the E. Coast of S. America (ECSA) to the Far East reached up to $18.5-21K/day (ECSA delivery), Continent to Asia at $14-16K/day (Continent delivery) and transatlantic round trips at $4 -6 K/day (delivery in Continent).
On the other hand, in Asia the week started sluggishly, with few numbers traded in the first few days, while the follow-up was similar. The North Pacific and Australia moved at low speeds, not offering much support to the market, but Indonesia was more active. Indonesia-Far East round trip rates ranged from $5-7K/day.
For Supramaxes-Ultramaxes in Southeast Asia the market showed improvement with Indonesia being quite active absorbing a large part of the vessels in the region and also from the north. SMXs rates for travel between N.A. Asia and the Far East stayed at 8.5-10K/day. Further north, in the Far East, the market received the positive influence of Southeast Asia and followed its upward trend. The reduction in offered capacity, due to loads from the South, was the main reason for this increase. SMXs rates for NOPAC round trips moved to $6.5-8K/day, W. C. India round trips at $6.5-8K/day and Atlantic (BH) round trips at $6-7; 5K/day.
In the Middle East Gulf and West C. India the market saw quite a bit of activity as there were many cargoes from the Gulf to East India and Bangladesh. SMXs rates for Far East trips ranged from $11-12.5K/day (from Middle East Gulf (MEG) – West Indies (WCI)), short-haul between Middle East Gulf – W. C. India at $9.5-11K /day and trips to the Atlantic Basin at $4.5-6K/day.
In the Atlantic Basin and especially in the US Gulf, there were upward corrections for both transatlantic trips and trips to Asia. Towards the end of the week there was quite a bit of movement on the part of the charterers. SMXs rates for Transatlantic trips rose at $8.5-10K/day and to Asia $10.5-12K/day. The ECSA region remained under pressure with cargo flow restricted and most vessels in the region remaining open. The rates of SMXs for trips to S.E. Asia-China moved to $13-14.5K/day and for Transatlantic trips (Mediterranean/Continent) at $9.5-11K/day.
Stabilizing trends were observed in Continent. The flow of cargo may have been limited but it appeared to be sufficient for the small number of vessels that were in the area. 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 showed upward trends. Driving this rise were clinker cargoes as well as the lack of readily available vessels. For example, 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 $6.5-8K/day and into the Mediterranean at $ 7.5-9 K/day (outside war zones).
In the Handies market, in Continent the market continued at the same levels as last week. The market was supported by some fertilizer cargoes in the Baltic. Of particular interest were the trips from Russia where the premium was quite high. Rates for the largest vessels in the class, for round trips fell to $6.5-8K/day, to the Mediterranean with Scrap cargoes to $6.5-7.5K/day and for Transatlantic trips to $6-7K /day.
The Mediterranean moved on most routes without much change, thanks to some cargoes of grain from the Black Sea (not from war zones), but also some cargoes from Russia. Larger vessel rates (over 36K tonnes DWT) for intra-Mediterranean trips moved to $8.5-9.5K/day (delivery at Canakkale), to Continent at $8-9.5K/day (delivery to 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, the US Gulf has seen a lack of new cargoes resulting in a concentration of capacity which has driven freight rates lower. Indicatively, rates of the largest vessels in the class for trips to the other side of the Atlantic ranged from $7-8.5K/day and to Asia at $9-10K/day.
In the East Coast region of South America (ECSA) the market has had a slow start to the week, however the continuation was somewhat better with some cargo showing. This is how the drop in rates was contained. Thus, the charters of larger vessels from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $10-11.5K/day and to Asia at $13-14.5K/day
In Asia most of the week was quiet. But the last two days have seen strong activity and several closes, ending the week with Asian indexes closing in the green. Further west, in the Gulf of the Middle East and W. C. India the week went by with a lot of talk and demand and supply balancing. Far East and NOPAC round trip charters on larger vessels closed at $7-8.5K/day, from S.E. Asia to China at $8-9.5K/day and from the West. India to China at $7-8.5K/day.

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