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The dry bulk cargo market advanced with a big increase thanks to the increase shown by Capes, while the smaller sizes showed small losses compared to the previous week. More specifically, Capes increased by 36.13%, Kamsarmaxes -5.55%, Supramaxes -0.65% and Handies -1.9%, compared to the previous week. Thus, the BDI increased by 164 credits (compared to the previous week) and closed at 1240 credits on Friday, June 23.
Let’s see, in more detail, how the dry bulk cargo market by vessel’s size moved last week, starting with CAPEs. In Asia the market started the week without much action as the main charterers were absent. Mid-week the picture improved with more cargo from Western Australia to China. Index levels on the Australia-China route (C5) closed on Friday at $8.795/tn.
In the Atlantic Basin we may have seen a slow start to the week but continued to be better due to improved cargo volumes from Brazil and West Africa to Asia. And in the north the picture was good as there were many new loads. Indexes on Friday for trips from Brazil to China reached up to $21.73/tn (for route C3), while rates from Continent to Asia closed at $38.13K/d (for route C9 ) and Transatlantic round trips at $17.03K/day (for route C8).
Regarding Kamsarmaxes, in the Atlantic Basin and especially in the north there was calm and downward trends were noted despite the fact that the number of ships was limited, but the demand was not enough. Likewise in the South where rates, both for transatlantic trips and to Asia, recorded losses. For example, the rates for the trips from the S. Coast E. Of America (ECSA) to the Far East reached $26-28K/day (S. America delivery), Continent to Asia at $17.5-19.5K/day (Continent delivery) and the circular Transatlantic trips at $7.5-9.5K/day (Gibraltar delivery).
On the other hand, in Asia the market declined due to the lack of new cargoes and the low volume of closures. Low charterers’ ideas have led shipowners to take a wait-and-see attitude in the hope that the market picture will improve soon. Indonesia-Far East round trip rates ranged from $9.5-11.5K/day (Far East delivery).
Για τα Supramaxes-Ultramaxes η νοτιοανατολική Ασία παρουσίασε όμοια εικόνα με το Βορρά, με τους ναύλους να διατηρούνται στα ίδια επίπεδα. Οι ναύλοι των SMXs για ταξίδια μεταξύ Ν.Α. Ασίας και Άπω Ανατολής ανέβηκαν στα 8,5-10Κ/ημέρα. Βορειότερα, στην άπω Ανατολή η αγορά ήταν ήρεμη λόγω των διακοπών στην Κίνα στο τέλος της εβδομάδας. Οι ναύλοι των SMXs για κυκλικά ταξίδια στο NOPAC κινήθηκαν στα $ 6,5-8Κ/ημέρα, για ταξίδια προς την Ινδία στα $ 6,5-8Κ/ημέρα και τα ταξίδια της επιστροφής στον Ατλαντικό (BH) στα $ 5,5-7Κ/ημέρα.
For Supramaxes-Ultramaxes, Southeast Asia presented a similar picture to the North, with fares remaining flat. SMXs fares for travel between N.A. Asia and the Far East rose to 8.5-10K/day. Further north, in the Far East the market was quiet due to the holiday in China at the end of the week. SMXs round trip NOPAC fares ranged $6.5-8K/day, India round trips $6.5-8K/day and Atlantic (BH) round trips $5.5- 7K/day.
In the Middle East Gulf and West C. India the market was flat as there was no activity due to holidays and monsoons. SMXs rates for Far East trips ranged from $10-11.5K/day (from Middle East Gulf (MEG) – W. C. India (WCI)), short-haul between Middle East Gulf – West C. India at $8-9.5K /day and trips to the Atlantic Basin at $4.5-6K/day.
In the Atlantic Basin and especially the American Gulf it retreated further. Competition between shipowners was intense, with the result that rates fell. SMX rates for Transatlantic trips remained at $8.5-10K/day and to Asia at $14-15.5K/day. The ECSA region showed the improvements as demand increased absorbing much of the capacity on offer. Rates of SMXs for trips to S. E. Asia-China moved to $16.5-18K/day and for Transatlantic trips (Mediterranean/Continent) to $13.5-15K/day.
In Continent the market showed upward trends thanks to being strengthened by several new cargoes. Shipowners seeing this trend preferred to wait seeking to close at higher numbers. SMX rates for round-trip local trips moved to $9-10.5K/day, for trips with SCRAP cargoes to the Mediterranean at $8-9.5K/day and to Asia at $14-15.5K/day day. The Mediterranean was under pressure as the flow of new cargoes was limited. 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 Basin at $7-8.5K/day and into the Mediterranean at $ 6.5-8 K/day (outside war zones).
In the Handies market, in Continent the market showed stabilizing trends with several discussions and closings. So there is moderate optimism that we will soon see a rise in the market. 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 to $6-7.5K /day.
In the Mediterranean the week started without much action but in between this changed mainly for the larger sizes. However, rates continued to decline. Larger vessel rates (over 36K tonnes DWT) for intra-Med trips moved to $6-7.5K/day (delivery at Canakkale), to Continent at $6-7.5K/day (delivery at Canakkale) , to the other side of the Atlantic Basin at $5.5-7K/day (delivery to Canakkale) and to Asia at $9-10.5K/day.
On the other side of the Atlantic Basin, in the US Gulf the market continued its downward trend with few new cargoes, while some shipowners accept to close their vessels to jobs with several days of waiting. Indicatively, the rates of the largest vessels in the class for trips to the other side of the Atlantic Basin ranged from $6-7.5K/day and to Asia at $9.5-11K/day.
In the East Coast of South America (ECSA) region the market moved higher as it strengthened with more cargoes mainly for the beginning of July. Thus, the charterers of larger vessels from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $11.5-13K/day and to Asia at $13.5-15K/day.
In Asia we saw two different pictures. On the one hand, the north, which, due to holidays in China, moved at low speeds, and on the other, in Southeast Asia, where Australia offered several alternatives to shipowners. In the Middle East Gulf and West C. India the market declined as holidays and monsoons left no room for improvement. Far East and NOPAC round trip charterers on larger vessels closed at $7-8.5K/day, from S. E. Asia to China at $9-10.5K/day and from the West. C. India to China at $7-8.5K/day.