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More specifically, Capes fell by 12.08%, Kamsarmaxes +2%, Supramaxes +7.9% and Handies +6.75%, compared to the previous week. Thus, the BDI fell by only 15 credits (compared to the previous week) and closed at 1065 credits on Friday, September 1st.
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 was quite active with the largest charterers present, however this was not reflected in the indexes which did move upwards but the changes were not large. There were expectations of more traffic ahead of Singapore’s bank holiday on Friday, but that didn’t happen. Index levels on the Australia-China route (C5) closed on Friday at $7.67/tn.
The Atlantic was subdued in both the North and the South. The North Atlantic continued to come under pressure due to an oversupply of vessels, while Brazil also declined as demand was limited. Indexes on Friday for trips from Brazil to China reached up to $18.67/tn (for route C3), while rates from Continent to Asia closed at $24.375K/d (for route C9) and Transatlantic round trips at $6.06K/day (for route C8).
Regarding Kamsarmaxes, in the Atlantic Basin the market started the week strongly but the follow-up was not commensurate. Brazil showed positive signs at the beginning of the week, but then fell back. Likewise in the north where transatlantic trips have declined due to cargo shortages. For example, the rates for the trips from the E. Coast S. America (ECSA) to the Far East reached up to $14-16K/day (Asia delivery), Continent to Asia at $21-23K/day (Continent delivery) and transatlantic round trips at $13-15 K/day (delivery to Gibraltar).
On the other hand, in Asia cargo volumes from Australia and the North Pacific led to a rise in rates. Also, the arrival of the typhoon in South China favored the ships that are readily available. Indonesia-Far East round-trip rates moved to $10-12K/day (Far East delivery).
For Supramaxes-Ultramaxes, in Southeast Asia the market progressed with a positive sign, as there were many coal cargoes, while Australia was also active, absorbing many of the available ships. SMXs rates for travel between S. E. Asia and the Far East rose to 10.5-12K/day. Further north, in the Far East the market moved positively thanks to nickel ore exports and strong activity in the North Pacific. SMXs round trip NOPAC rates ranged $7-8.5K/day, India round trips $7-8.5K/day and Atlantic (BH) round trips $7-8; 5K/day.
In the Middle East Gulf and West C. India the market moved higher as demand for readily available vessels was satisfactory. As we approach the end of the monsoons, we expect even more movement from charterers. SMXs rates regarding Far East trips ranged between $11.5-13K/day (from Middle East Gulf (MEG) – West C. India (WCI)), short-haul between Middle East Gulf – West C. India between $10.5-12K /day and trips to the Atlantic Basin between $8-9.5K/day.
In the Atlantic Basin and especially the American Gulf continued its upward trend from the previous week, with many new cargoes to Asia. Since we are at the beginning of the grain season we expect September to continue on the upside. SMXs rates for Transatlantic trips rose to $17-18.5K/day and to Asia to $20-21.5K/day. The ECSA region had a slow start to the week, however it continued to be better as we saw more loads. West and South Africa were also active. Rates of SMXs for trips to S. E. Asia-China moved to $19.5-21K/day and for Transatlantic trips (Mediterranean/Continent) to $19-20.5K/day.
Continent continued with improved numbers as it was boosted by many new cargoes while capacity supply was tight. SMX rates for round-trip local trips moved to $11-12.5K/day, for trips with SCRAP cargoes to the Mediterranean at $10.5-12K/day and to Asia at $14.5-16K/ day. The Mediterranean moved up thanks to the multitude of grain cargoes mainly headed for Asia. Thus, there were improvements in the rest of the routes. For example, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $16.5-18K/day (Canakkale delivery), to the other side of the Atlantic Basin at $12-13.5K/day and within the Mediterranean at $ 12.5-14 K/day (outside war zones).
In the Handies market, in Continent the market moved in favor of shipowners as there was a lot of activity, while the number of vessels was limited. Fares for the largest vessels in the class, for round trips reached up to $10-11.5K/day, to the Mediterranean with Scrap cargoes at $9-10.5K/day and for Transatlantic trips at $8-9.5K /day.
The Mediterranean continued to rise. Several bookings were noted while trips to the US Gulf and East Coast stood out. Larger vessel rates (over 36K tonnes DWT) for intra-Med trips moved to $13.5-15K/day (delivery at Canakkale), to Continent at $12-13.5K/day (delivery at Canakkale) , to the other side of the Atlantic at $9.5-11K/day (Canakkale delivery) and to Asia at $15.5-17K/day.
On the other side of the Atlantic Basin , in the US Gulf the market showed improvements on all tracks. Demand was satisfactory so many shipowners pushed for an increase in rates. Indicatively, the rates of the largest vessels in the class for trips to the other side of the Atlantic ranged between $9.5-11K/day and to Asia at $10.5-12K/day.
In the East Coast region of South America (ECSA) the market saw a new rise this week. The number of vessels may have increased in the South, but the increased supply in the North was enough to lead to higher rates. Thus, the charterers of larger vessels the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $15-16.5K/day and to Asia to $17.5-19K/day.
In Asia all routes moved positively. The activity in Southeast Asia, Australia, and the Far East was not enough, but it seems that the positive sentiment of the previous days helped the market to continue at the same pace. Conversely, India and the Gulf showed increased demand pushing rates to higher levels. Far East and NOPAC round trip charterers on larger vessels closed at $7.5-9K/day, from S. E. Asia to China at $9.5-11K/day and from the West C. India to China at $7-8.5K/day.