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The dry bulk cargo market returned to action with CAPES showing double-digit weekly growth and smaller sizes showing marginal gains. Only Handies remained in the red even with small losses. More specifically, Capes increased by 12.23%, Kamsarmaxes +1.07%, Supramaxes +0.88% and Handies -1.82%, compared to the previous week. Thus, the BDI rose by 101 credits compared to the previous week and closed at 1729 credits on Friday, April 12.
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 with good cargo volume and activity. The rest of the week was similar with rates gaining ground each day. Index levels on the Australia-China route (C5) closed on Friday at $10.76/tn. In the Atlantic Basin the picture was worse than the Pacific with limited talks during the first days of the week. On the contrary, in the second half of the week there was a convergence of charterers' and shipowners' ideas, halting the downward trend of rates. Indexes on Friday for trips from Brazil to China reached up to $25.87/tn (for route C3), while rates from Continent to Asia closed at $44.81K/d (for route C9 ) and Transatlantic round trips at $15.68K/day (for route C8).
Regarding Kamsarmaxes, in the Atlantic Basin and especially in the north, after a slow start to the week we saw improvements led by trips from the north coast of S. America to Asia. Thus many vessels from Continent found employment. In the south the market came to life in the middle of the week with an increase in activity. For example, the rates for the trips from the E. Coast of S. America (ECSA) to the Far East reached up to $17.5-19.5K/day (Asia delivery), Continent to Asia at $24-26K/day (Continent delivery) and transatlantic round trips at $11.5-13.5K/day (Gibraltar delivery).
On the other hand, in Asia the market was affected by the EID holidays as the beginning of the week did not see much action. In the middle of the week the rise in the Latin American market helped to stabilize rates on this side of the globe as many vessels moved to the Atlantic Basin. Indonesia-Far East round trip rates moved to $11-13K/day (Far East delivery).
For Supramaxes-Ultramaxes, in Southeast Asia the market moved at slow speeds due to the absence of coal cargoes from Indonesia which put pressure on rates. SMXs rates for trips between S. E. Asia and the Far East went to 13.5-15K/day. Further north, in the Far East the market saw improvements as nickel cargoes boosted the market in the north. Additionally the North Pacific helped the market by adding some mobility.
SMXs rates for NOPAC round trips moved to $11-12.5K/day, W. C. India round trips to $10-11.5K/day and Atlantic (BH) round trips to $11.5- 13K/day. In the Middle East Gulf and West C. India the market did not show much action due to the EID holiday. Expect more action next week. SMXs rates for Far East trips ranged between $16-17.5K/day (from Middle East’s Gulf (MEG) – West C India (WCI)), for short-haul trips between Middle East Gulf – West C. India at $12.5-14 K/day and trips to the Atlantic at $5.5-7 K/day.
The Atlantic Basin and especially the US Gulf appeared to stabilize at the start of the week and then improved thanks to improved demand for transatlantic trips from the East Coast. SMX rates for Transatlantic trips reached up to $12.5-14K/day and to Asia $19-20.5K/day. The ECSA [ECSA - East Coast South America] region started the week strongly with larger vessels closing in higher numbers than the previous week. However, as the week went on, the demand decreased and as a result the rates also decreased. The rates of SMXs for trips to the S.E. Asia-China moved to $27- 28.5K/day and for Transatlantic trips (Mediterranean/Continent) to $20.5-22K/day. Continent has been quiet as both capacity demand and supply have eased. Also the load list seems to be improving towards the end of the month. SMX rates for round- trip local trips moved to $16-17.5K/day, for trips with SCRAP cargoes to the Mediterranean at $16-17.5K/day and to Asia at $26.5-28K/ day. The Mediterranean moved up as more cargoes appeared while the number of vessels remained stable.
However, at the end of the week the loads dwindled. Indicatively, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $27-28.5K/day (Canakkale delivery), to the other side of the Atlantic at $9.5-11K/day and within the Mediterranean at $ 12-13.5 K/day (outside war zones).
In the Handies market, in Continent the market declined as activity was limited. However, the paradox is that the number of vessels was also limited, with the result that charterers were looking for vessels from the Western Mediterranean. Rates for the largest vessels in the category, for round trips reached up to $13.5-15K/day, to the Mediterranean with Scrap cargoes at $13.5-15K/day and for Transatlantic trips at $11- 12.5K /day.
The Mediterranean remained under pressure with demand subdued in all directions. Several shipowners considered moving further west. Larger vessels rates (over 36K tonnes DWT) for intra-Med trips moved to $10.5-12K/day (delivery at Canakkale), to Continent at $10-11.5K/day (delivery to Canakkale), to the other side of the Atlantic Basin at $10.5-12K/day (delivery to Canakkale) and to Asia at $16.5-18K/day.
On the other side of the Atlantic Basin, in the US Gulf the market progressed positively with several new cargoes coming to strengthen the cargo list from the previous week. 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 $15.5- 17K/day.
The East Coast of South America (ECSA) remained flat with vessel demand and supply moving forward unchanged. A positive point is the reduction of draft in the Argentine river, as a result of which charterers are looking for bigger vessels. Thus, the charters of larger vessels from the ECSA area for Transatlantic trips (Continent– Mediterranean) moved to $17-18.5K/day and to Asia at $21.5-23K/day.
In Asia the market showed bearish trends due to the lack of action in the south. However, in recent days the picture has improved. In the north there were more discussions but these did not materialize into closures as shipowners and charterers appeared unwilling to budge. Further west, the Indian and Gulf markets were quiet,
with all talk of travel from W. C. India. Far East and NOPAC round trip charters on larger vessels closed at $11-12.5K/day, from S. E. Asia to China at $11.5-13K/day and from the West C. India to China at $11-12.5K/day.

Disclaimer
This report and the information contained herein it is for general information only and does
not constitute an investment advice