In Poseidonian rhythms, the dry bulk cargo market

Iakovos (Jack) Archontakis
Commercial Director TMC MARITIME CO.

Dr. Fotios-Evangelos Karlis
Maritime Executive and Consultant

The dry bulk cargo market closed the Poseidon week with a positive sign.

Brief report and predictions for next wεεk for handy and supramax sizes 6th June 2024

HANDYSIZE

• USG / USEC – The market improved as there was much activity and at the same time supply of capacity decreased. Owners could find a biz at higher levels. Worthy to say that East Coast was quiet and many vessels moved to south. Expectations are positive for next week.
• ECSA – Market started the week balanced but proceeded under pressure due to weak cargo flow ex north and south as well. Expect market to remain in this situation for next week.
• CONTI – Bigger vessels that could do Russian Baltic could easily find a biz paying higher levels than the regular cargoes. Expect market to remain sideway for the Russian cargoes but the rest of the market will be quiet for the next week.
• MED – Cargo list was short and even the cargoes ex Russia couldn’t make profit healthy levels. As a result owners were obligated to accept lower ideas. Not many differences expected for next week.
• MEG / INDIA – Market was firm with more steel cargoes ex West Coast so rates improved. Expect market to keep this trace for next week.
• SEASIA / FEAST – Market slowed down due to the increasing tonnage list. Furthermore cargoes ex Aussie offered a premium. Although market in the north was more quiet. There is cautious optimism in the south but bearish sentiment in the north for next week.

SUPRAMAX

• ECSA – Strong demand for FH and TA shipments absorbed many vessels pushing the rates. Sentiment shall remain bullish for next week.
• USG – The expectations for the start of the week were negative due to Posidonia Expo and Events. Although cargo flow was healthy supporting the market to all destinations. Tonnage list is remaining limited so expect market to keep an upward trend for the following week.
• CONTI – Market moved slowly due to Posidonia week and the rates were reduced but expect more action next week when the participants return to their offices.
• MED – The week was quiet due to the lack of action. Too many parties, meetings and events kept the principals and the brokers busy. Again West Med was more active than the other areas but this wasn’t enough. Consequently, the rates dropped and the most significant decrease was in FH trips. Need an improvement in demand in order to see any development for the next week.
• MEG / INDIA – Fresh requirements were limited. Although the drop wasn’t as big as was expected. Not many changes to expect for next week.
• SEASIA / FEAST – Lack of new orders and an increase of supply made charterers more confident to press owners to accept their ideas in the south and north as well. Expect the same for next week.

Best Regards,

Iakovos (Jack) Archontakis
TMC Commercial Director (as Agents only)

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

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