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The picture of the dry bulk cargo market clearly improved, as all sizes moved positively, with an impressive increase not noted in Capes and Panamaxes, followed by the rest of the sizes.

In detail, Capes jumped 134.7%, Kamsarmaxes +56.7%, Supramaxes +43.35%, and Handies +15.35%, compared to the previous week. Thus, the BDI improved by 64.13% (compared to the previous week) and closed at 883 credits on Friday, February 24.
Let’s see, in more detail, how the dry bulk cargo market by ship size moved last week, starting with CAPEs. In Asia the market was active as it was boosted by several cargoes of minerals and coal from Australia. So the week ended with the indexes up, despite the fact that Friday was calmer than the rest of the week. It is worth noting that the index of round trips in the Pacific almost tripled from the previous week. Index levels on the Australia-China route (C5) closed at Friday at $6.8/tn.
In the Atlantic, all regions recorded an increase. Of particular interest were round trips from Asia via Brazil, where the rates there also doubled, compared to the previous week. This positive image was also strengthened by South Africa enriching the market with cargoes. Indexes on Friday for trips from Brazil to China reached up to $17.1/tn (for route C3), while rates from Continent to Asia closed at $16.63K/d (for route C9 ) and Transatlantic round trips at $4.5K/day (for route C8).
Regarding Kamsarmaxes, the Atlantic saw an increase in rates both North and South, thanks to clearly improved demand. The protagonist of this rise was transatlantic travel, where a relative index more than doubled, compared to the previous week. It is worth noting that there is concern as the agreement on the safe corridor to and from Ukrainian ports is nearing its end. For example, rates for the trips from the E. Coast of S. America (ECSA) to the Far East reached up to $28-30K/day (ECSA delivery), Continent to Asia at $20-22K/day (Continent delivery) and transatlantic round trips at $11-13 K/day (delivery in Continent).
On the other hand, in Asia rates saw a significant increase, with interest focused on round trips from Indonesia and Australia which saw an increase of up to 40%. Mid-week saw an increase in grain and mineral cargoes from Australia, while coal cargoes also boosted the market. Indonesia-Far East round trip rates ranged between $9-11K/day.
For Supramaxes-Ultramaxes in Southeast Asia the market saw a further rise in rates. Driving this course are coal cargoes from Indonesia. SMXs rates for travel between S.E. Asia and the Far East rose to 14.5-16K/day. Further north, in the Far East the market saw a further rise in rates, with several new cargoes for early March. SMXs round trip NOPAC rates ranged between $9.5-11K/day, India round trips $8.5-10K/day and Atlantic (BH) round trips $8.5- 10K/day.
In the Middle East Gulf and W. C. India the market had a strong start to the week and continued at the same pace. Demand for the readily available vessels was strong, absorbing much of the capacity on offer. SMXs rates for Far East trips ranged between $14.5-16K/day (from Arabian Gulf (AG) – W. C. India (WCI)), short-haul between Arabian Gulf – W. C. India at $12.5-14K /day and trips to the Atlantic Basin at $6.5-8K/day.
In the Atlantic Basin and especially the American Gulf continued to strengthen, with many trips to Asia. However, the volume of cargo for the transatlantic trips was also satisfactory. SMXs rates for Transatlantic trips rose to $12.5-14K/day and to Asia $13.5-15K/day. The ECSA area moved up due to increased demand for grain cargoes both transatlantic and Asia. The rates of SMXs for trips to S.E. Asia-China moved at $16-17.5K/day and for Transatlantic travel (Mediterranean/Continent) at $13-14.5K/day.
Continent showed improvements, after a period of pressure. The main reason for this positive change was the limited supply of ships. SMX rates for round-trip local trips moved to $8.5-10K/day, for trips with SCRAP cargoes to the Mediterranean at $7-8.5K/day and to Asia at $14.5-16K/ day. The Mediterranean gained ground with several new jobs, while the number of vessels also began to decrease. For example, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $13.5-15K/day (Canakkale delivery), to the other side of the Atlantic at $8-9.5K/day and into the Mediterranean at $ 10-11.5 K/day (outside war zones).
In the Handies market, in Continent the market showed upward trends, not so much because of the improved demand but mainly because of the good image of the bigger “brothers” which dragged the smaller sizes up as well. Rates for the largest vessels in the class, for round trips rose to $7.5-9K/day, to the Mediterranean with Scrap cargoes to $7-8.5K/day and for Transatlantic trips at $6-7K/day .
The Mediterranean had a quiet start to the week. However, this soon changed as new cargoes entered the market, driving rates to higher levels. All actors await the developments on the corridor to and from Ukraine. Larger vessel rates (above 36K tonnes DWT) for intra-Mediterranean trips moved to $9-10K/day (delivery at Canakkale), to Continent at $8-9.5K/day (delivery to Canakkale), to across the Atlantic at $7.5-9K/day (Canakkale delivery) and to Asia at $11.5-13K/day.
On the other side of the Atlantic, the US Gulf showed signs of improvement, with demand up. Indicatively, the rates of the largest vessels in the class for trips to the other side of the Atlantic Basin ranged between $9-10.5K/day and to Asia at $10-11.5K/day.
In the East Coast of South America (ECSA) region the limited number of vessels has caused many charterers to accept the shipowners’ numbers, generally raising rate’s levels on all routes. Thus, the charters of larger vessels from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $13-14.5K/day and to Asia at $15-16.5K/day.
In Asia the market showed improvements in both the South and the North, thanks to cargoes from Indonesia and Australia which absorbed much of the capacity. Further west, the Middle East Gulf and India continued at the same positive pace as last week, with activity in the region being satisfactory. Far East and NOPAC round trip charters on larger vessels closed at $9.5-11K/day, from N.A. Asia to China at $10-11.5K/day and from the W. C. India to China at $8.5-10K/day.

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