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The dry bulk cargo market advanced thanks to Capes, after the rest of the sizes recorded losses. More specifically, Capes rose by 33.75%, Kamsarmaxes -7.56%, Supramaxes -3.4% and Handies -0.6%, compared to the previous week. Thus, the BDI increased by 228 credits (compared to the previous week) and closed at 1929 credits on Friday, 6th October .
Let's see, in more detail, how the dry bull cargo market by ship size moved last week, starting with CAPEs. In Asia the market started the week with strong activity. However, it then presented a decline which did not last long, as a result of which the week closed with a rise. Index levels on the Australia-China route (C5) closed on Friday at $11.158/tn.
In the Atlantic Basin the market moved strongly both North and South with several new cargoes and limited capacity supply. Indexes on Friday regarding trips rom Brazil to China reached up to $26.38/tn (for route C3), while rates from Continent to Asia closed at $46.25K/d (for route C9 ) and Transatlantic round trips at $33,125K/day (for route C8).
Regarding Kamsarmaxes, the Atlantic Basin was calm throughout the week. The North presented a slightly better picture than the South, but this was not enough to see a rise in rates. For example, the rates for the trips from the E. Coast of S. America (ECSA) to the Far East reached up to $13-15K/day (Asia delivery), Continent to Asia at $23.5-25.5K/day (Continent delivery) and transatlantic round trips at $14.5-16.5K/day (Gibraltar delivery).
On the other hand, in Asia the market moved at slow speeds due to holidays in China and other local holidays. Mid-week saw some loads from Australia which just held back the broader decline. Indonesia-Far East round trip rates moved to $13-15K/day (Far East delivery).
For Supramaxes-Ultramaxes, in Southeast Asia the market declined further, with the only market support coming from Australian cargoes. SMX rates for trips between S.E. Asia and the Far East fell to 13.5-15K/day. Further north, in the Far East, the week passed quietly as most countries were in a holiday mood. NOPAC round trip SMXs rates ranged $9-10.5K/day, India round trips $9.5-11K/day and Atlantic (BH) round trips $9.5- 11K/day.
In the Middle East Gulf and West C. India the market fell as activity was very limited due to holidays in China. Only some trips to East India and Bangladesh held back the drop in rates. SMXs rates for Far East trips ranged from $14.5-16K/day (from Arabian Gulf (AG) – West C. India (WCI)), short-haul between Arabian Gulf – West C India at $12-13.5K /day and trips to the Atlantic at $6.5-8K/day.
In the Atlantic Basin and especially the US Gulf, it was quiet, due to the holidays in China and the ASBA conference in Miami. However, the limited number of vessels available kept rates from falling. SMXs for Transatlantic trips fell to $15.5-17K/day and to Asia to $21.5-23K/day. The ECSA region started the week without much activity as holidays in China kept rates low. However, as the days passed the activity improved. The rates of SMXs for trips to S.E. Asia-China moved to $22.5-24K/day and for Transatlantic trips (Mediterranean/Continent ) to $18.5-20K/day.
Continent progressed without particular changes since a balance prevailed between demand and supply. SMX rates for round-trip local trips moved to $15-16.5K/day, for trips with SCRAP cargoes to the Mediterranean at $14.5-16K/day and to Asia at $20-21.5K/ day. The Mediterranean was under pressure since demand was clearly reduced compared to the previous week, while the region's offered capacity also increased. Travels to Asia showed particular interest. Indicatively, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $24-25.5K/day (Canakkale delivery), to the other side of the Atlantic Basin at $14-15.5K/day and within the Mediterranean at $ 14-15.5 K/day (outside war zones).
In the Handies market, in Continent the market moved to lower levels as demand was limited and only Baltic fertilizers offered alternatives to shipowners. Rates for the largest vessels in the class, for round trips reached up to $15.5-17K/day, to the Mediterranean with Scrap cargoes at $15-16.5K/day and for Transatlantic trips at $12.5-14K /day.
The Mediterranean experienced a recession with rates losing ground due to reduced demand. However, the second half of the month is expected to be more active. Larger vessels rates (over 36K tonnes DWT) for intra-Med trips moved to $14.5-16K/day (delivery at Canakkale), to Continent at $13.5-15K/day (delivery at Canakkale) , to the other side of the Atlantic Basin at $13.5-15K/day (delivery at Canakkale) and to Asia at $18.5-20K/day.
On the other side of the Atlantic Basin,, in the US Gulf the market showed more activity as most participants returned to their positions after the conference in Miami. Indicatively, the rates of the largest vessels in the class for trips to the other side of the Atlantic ranged from $15-16.5K/day and to Asia at $17.5-19K/day.
In the East Coast of South America (ECSA) region the market showed improvement with more cargoes mainly from northern Brazil. Thus, the charters of larger vessels from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $15-16.5K/day and to Asia at $18.5-20K/day.
In Asia the market was maintained at the same levels despite the disruptions in China. The main reason was the increase in cargo flow mainly from Australia. In the Middle East world and W. C. India the picture was worse with demand still lower than last week. Far East and NOPAC round trip charterers on larger vessels closed at $10.5-12K/day, from S. E. Asia to China at $9.5-11K/day and from the West C. India to China at $7.5-9K/day.