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The positive course of the dry bulk cargo market continued with an increase recorded in all sizes. More specifically, Capes are up 9.7%, Kamsarmaxes +4.2%, Supramaxes +9% and Handies +10%, compared to the previous week. Thus, the BDI improved by 7.79% (compared to the previous week) and closed at 1535 credits on Friday, March 17.
Let's see, in more detail, how the dry bulk cargo market by vessel size moved last week, starting with CAPEs. In Asia there was intense activity for most of the week and only on Friday the pace was calmer. Many vessels found occupation on the Australia-W. C. India and Australia-China routes, and this allowed rates to rise on all routes. Index levels on the Australia-China route (C5) closed on Friday at $8.76/tn.
In the Atlantic Basin we saw two different pictures. In the North the market came under pressure mid-week, while in Brazil the picture was better with some cargoes keeping the market active. Indexes on Friday regarding trips from Brazil to China reached up to $20.59/tn (for route C3), while rates from Continent to Asia closed at $29.78K/d (for route C9 ) and Transatlantic round trips at $16.44K/day (for route C8).
Considering Kamsarmaxes, in the Atlantic Basin the market started the week briskly with several cargoes being covered and rates picking up. However, the continuity was not proportional, as the flow of cargoes was limited, especially from the South. For example, rates as regards trips from the E. Coast of S. America (ECSA) to the Far East reached up to $15.5-17.5K/day (India delivery), Continent to Asia at $21-23K/day (Continent delivery) and transatlantic round trips at $13-15 K/day (delivery in Continent).
On the other hand, in Asia the week started with several bookings. But this resulted in a much quieter second half of the week with limited alternatives for shipowners. Indonesia-Far East round trip rates ranged between $16.5-18.5K/day.
For Supramaxes-Ultramaxes in Southeast Asia the market moved positively, with coal cargoes leading the way. It should be noted that the week ended with charterers remaining in their positions trying to contain the market's rise. SMXs rates for trips between S.E. Asia and the Far East rose to 17.5-19K/day. Further north, in the Far East the market had a strong start to the week, however the second half was not respective. However, rates were improved compared to the previous week. SMXs rates for NOPAC round trips moved to $12.5-14K/day, India round trips to $12.5-14K/day and Atlantic Basin (BH) round trips to $13-14; 5K/day.
In the Middle East Gulf and W.C. India the market continued its upward trend, with a lack of readily available vessels evident, while demand for cargo to Asia increased. SMXs rates for Far East trips ranged between $20-21.5K/day (from Middle East Gulf (MEG) – W. C. India (WCI)), short-haul between Middle East Gulf – W. C. India between $16.5-18K /day and trips to the Atlantic Badin between $12-13.5K/day.

In the Atlantic Basin and especially the American Gulf was strengthened with several new cargoes, while the number of available vessels was limited. SMXs rates for Transatlantic trips rose to $14-15.5K/day and to Asia to $17.5-19K/day. ECSA’s area continued to rise and rates to move at higher levels, relative to the rest of the Atlantic Basin routes. Rates of SMXs for trips to S. E. Asia-China moved to $22.5-24K/day and for Transatlantic trips (Mediterranean/Continent) to $18-19.5K/day.
Continent was boosted by several new cargoes, mainly scrap, and combined with limited capacity of offer, rates were driven higher than last week. SMX rates for round-trip local trips moved to $12-13.5K/day, for trips with SCRAP cargoes to the Mediterranean at $12-13.5K/day and to Asia at $17.5-19K/ day. The Mediterranean showed a new rise, not so much due to the supply of vessels, which remained stable, but due to improved demand. In addition, the agreement on the safe corridor to Ukrainian ports brought modest optimism to shipowners. Indicatively, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $20.5-22K/day (Canakkale delivery), to the other side of the Atlantic Basin at $14-15.5K/day and within the Mediterranean at $ 16-17.5 K/day (outside war zones).
As regards Handies market, in Continent we saw several new cargoes mainly from the Baltic, which led to a further increase in rates. Rates for the largest vessels of the category, for round trips, rose to $11-12.5K/day, to the Mediterranean with Scrap cargo to $13.5-15K/day and for Transatlantic trips to $10-11.5K/day.
The Mediterranean has maintained last week's uptrends across all routes, while supply and demand seem to be in balance. Rates of the larger vessels (above 36K tonnes DWT) for intra-Med trips moved to $10.5-11.5K/day (delivery at Canakkale), to Continent to $10-11.5K/day (delivery to Canakkale), to the other side of the Atlantic Basin to $11.5-13K/day (delivery to Canakkale) and to Asia to $16.5-18K/day.
On the other side of the Atlantic, the US Gulf maintained its momentum, with the balance of demand and supply tipping slightly in favor of shipowners. Trips to Asia and the West Coast drew interest. Indicatively, rates of the largest vessels in the class for trips to the other side of the Atlantic ranged between $13-14.5K/day and to Asia at $17-18.5K/day.
In the East Coast of South America (ECSA), the market saw several new cargoes in the early days of the week, boosting rates. At the end of the week the charterers preferred to stay in their positions, restraining the further rise. Thus, the charterers of larger vessels from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $15.5-17K/day and to Asia to $17-18.5K/day.
In Asia the market started the week with a big increase in fares regarding all routes. However, at the end of the week rates fell, but always at higher levels than the previous week. Indonesia showed steady cargo flow and market support came mainly from Australia. Further west, W. C. India and the Gulf continued to be positive with capacity supply moving at low levels. Far East and NOPAC round trip charters on larger vessels closed at $10.5-12K/day, from S. E. Asia to China at $13-14.5K/day and from the W. C. India to China at $14.5-16K/day.