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The dry bulk cargo market continued with a slight decline last week, due to Capes and Handies. Supramaxes also showed a drop, while Panamaxes are the only sector that improved. In detail, capes fell by 4.4%, Kamsarmaxes +3%, Supramaxes -0.7%, and Handies -5%, compared to the previous week. Thus, the BDI retreated by only 19 credits (-1%) and closed at 1819 points on Friday, October 21.
Let’s now see, in more detail, how the dry bulk cargo market by ship size moved last week, starting with CAPEs. In Asia, the rise in Australian iron ore exports helped the market close the week positive, if only marginally. Index levels on the Australia-China route (C5) closed on Friday at $9.47/tn.
In the Atlantic Basin the balance of demand and supply in the North and movement in Brazilian ports maintained the region’s momentum despite marginal losses in the indicators for transatlantic voyages and to Asia (C8 and C9). Indexes on Friday for voyages from Brazil to China reached up to $21.13/tn (for route C3), while rates from the Continent to Asia closed at $36.8K/day (for route C9) and Transatlantic round trips at $24.19K/day (for route C8).
Regarding Kamsarmaxes, in the Atlantic Basin subdued activity combined with increased offered capacity led to a decline in indicators from the north and south. Indicatively, rates regarding trips from the East Coast of South America (ECSA) to the Far East reached up to $20-22K/day (delivery to Asia), from the US Gulf or ECSA to Continent up to $17-19K/day (delivery to Continent) and to Asia up to $27-29K/day (delivery to Continent).
On the other hand, in Asia grain cargoes from the north and coal cargoes from Indonesia strengthened the market by also improving the levels of the negotiated freights. Australia-Far East round trip rates ranged from $19.5-21.5K/day.
For Supramaxes-Ultramaxes in Southeast Asia the market presented an upturn after a period of pressure. There were several cargoes of coal in the market absorbing vessels from the East India as well. SMXs rates for trips between S. E. Asia and the Far East rose to 17-18.5K/day. Northern, the Far East recorded a further decline, with obvious absence of general cargo and steel. SMXs rates for NOPAC round trips moved between $13-15K/day, regarding W. C. India round trips between $13.5-14.5K/day and Atlantic Basin (BH) round trips to $15.5- 16.5K/day.
In the Middle East Gulf and W. C. India the market maintained its dynamic with plenty of movement in the Gulf for local trips and to Bangladesh. SMXs rates regarding Far East trips ranged from $17-18.5K/day (from Arabian Gulf (AG) – W. C. India (WCI)), regarding short trips between Arabian Gulf – W. C. India at $15.5-16 ,5K/day and trips to the Mediterranean at $17-18,5K/day.
In the Atlantic Basin and especially in the US Gulf the market continued to rise with the East Coast continuing to drive higher rate levels. SMXs transatlantic rates improved to $22.5-23.5K/day and to Asia $27-28K/day. The ECSA region presented improvements mainly towards the second half of the week as some vessels were closed during the first half. The rates of SMXs for trips to N.A. Asia-China remained at $30.5-32K/day and for Transatlantic trips (Mediterranean/Europe) rose to $31.5-33K/day.
Continent moved in higher levels, thanks to increased demand for scrap cargoes to the Mediterranean. SMX rates for round-trip local trips moved between $22-23K/day, regarding trips with SCRAP cargoes to the Mediterranean between $22.5-23.5K/day and to Asia between $24-25K/day. In the Mediterranean, the market presented variations in numbers depending on the route. In particular, intra-Atlantic trips maintained their dynamic while trips to Asia declined, although they paid better than the rest of the routes. Ukrainian wheat continued to support the market. Indicatively, it is claimed that an SMX for a trip from the Mediterranean to Asia closed at $ 26-27,5 K/ day (delivery at Canakkale), to the other side of the Atlantic at $ 21-22,5 K/ day and in the Mediterranean at $ 22,5-23,5 K / day.
In the Handies market, in the Continent the market presented increased rates, following the trend of bigger sizes. However, the preference of shipowners to remain in the Atlantic dropped the rates for trips to the other side of the Atlantic. Rates for the bigger vessels of the category, for round trips fell to $22-23.5K/day, to the Mediterranean with Scrap cargoes to $23-24K/day and regarding Transatlantic trips to $19-20K/day.
The Mediterranean showed an upward trend as many vessels found some employment with wheat from Ukraine. Larger vessel rates (over 36K tonnes DWT) for intra-Mediterranean trips moved between $20-21K/day (delivery at Canakkale), to the Continent between $20-21.5K/day (delivery to Canakkale), to the other side of the Atlantic between $19.5-21.5K/day (Canakkale delivery) and to Asia between $25-26K/day.
On the other side of the Atlantic, in the US Gulf the market was more active, with quite a few cargoes of scrap and coal to the other side of the Atlantic. Indicatively, rates of the bigger vessels of the category for trips to the other side of the Atlantic ranged from $17-18K/day and to Asia from $17-18K/day.
In the East Coast of South America (ECSA) the market proceeded without any particular changes. Thus, the charterers of bigger vessels from the ECSA area regarding Transatlantic trips (Continent– Mediterranean) moved between $28-29.5K/day and to Asia between $26.5-28K/day.
In Asia, the market continued its downward trend in both the South and the North, while there are still many vessels available. Several owners are considering to move to the Atlantic even with a discount on their ideas. In contrast, W. C. India and the Gulf showed a better picture in terms of activity, although this has not yet been reflected in rates. Far East and NOPAC round trip charterers for larger vessels closed at $15.5-17K/day, from N.A. Asia to China at $15-16K/day and from the W. C. India to China at $11.5-13K/day.

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