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More specifically, Capes fell by 14.1%, Kamsarmaxes -17.7%, Supramaxes -18.26%, and Handies -9.4%, compared to the previous week. Thus, the BDI fell by 16.28% (compared to the previous week) and closed at 946 credits on Friday, January 13.
Let's see, in more detail, how the dry bulk cargo market by ship size moved last week, starting with CAPEs. In Asia the market was under pressure throughout the week as Australian miners were inactive and only towards the end of the week did we see some activity keeping rates in the $7 per tonne range. Index levels on the Australia-China route (C5) closed on Friday at $7.18/tn.
The Atlantic showed downward trends as negotiations from Brazil were limited, mainly due to weather conditions, while southern Africa also did not offer sufficient support. Indexes on Friday for trips from Brazil to China reached up to $17.7/tn (for route C3), while rates from Continent to Asia closed at $30.28K/d (for route C9 ) and Transatlantic round trips at $14.86K/day (for route C8).
Regarding Kamsarmaxes, the week started with enough pressure in the Atlantic mainly in the north that new cargoes were limited. Further south, demand was better, but supplied capacity was also increased. The rest of the week was somewhat better, as we saw more loads, mainly from the north, while in the South the numbers started to stabilize as well. For example, the rates for the trips from the E. Coast S. America (ECSA) to the Far East reached up to $9-11K/day (Asia delivery), Continent to Asia at $17-19K/day (Continent delivery) and transatlantic round trips up to $8- 10 K/day (delivery in Continent).
On the other hand, in Asia the week started with several vessels looking for some employment, mainly in the region as the poor image of Latin America did not offer particular alternatives. A positive point was grain cargoes from Australia. At the end of the week there was an improvement in activity with some closures as shipowners agreed to limit their ideas. Indonesia-Far East round trip rates ranged between $5-7K/day.
Supramaxes-Ultramaxes in Southeast Asia were quiet for most of the week, but towards the end there was some improvement in activity. SMXs rates for between S. E. Asia and the Far East fell to 6.5-8K/day. Further north, the Far East appeared to stabilize at the already very low levels of previous weeks. Cargoes in the area are down and shipowners are looking for ways to move further west. SMXs rates for NOPAC round trips moved to $5.5-7K/day, India round trips to $5.5-7K/day and Atlantic (BH) round trips to $5.5- 7K/day.
In the Middle East Gulf and W. C. India the market showed more activity resulting in some vessels finding employment. However, this was not enough to see some improvements in rates. SMXs rates for Far East trips ranged between $9-10.5K/day (from Arabian Gulf (AG) – W. C. India (WCI)), short-trips between Arabian Gulf – W. C. India at $7.5-9K /day and trips to the Atlantic at $5.5-7K/day.
In the Atlantic Basin and especially in the US Gulf, the market remained bearish, due to the ever-increasing available capacity. SMXs transatlantic rates fell to $9-10.5K/day and to Asia $14.5-16K/day. The ECSA region continued to be quiet with subdued activity. The options for shipowners were extremely limited and the aim was simply to close their ships. The rates of SMXs for trips to S.E.Asia-China fell to $13.5-15K/day and Transatlantic (Mediterranean/Continent) to $11.5-13K/day.
Continent the market showed slight improvements as we saw more scrap cargoes, while the number of vessels remained stable. SMXs rates for round-trip local trips moved to $8.5-10K/day, for trips with SCRAP cargoes to the Mediterranean at $8-9K/day and to Asia at $15-16K/day. The Mediterranean lost ground this week as well. There may have been more cargoes of minerals and grains, but there are so many vessels in the area that there was no room for improvement. For example, it is reported that an SMX for a trip from the Mediterranean to Asia closed at $14-15.5K/day (Canakkale delivery), to the other side of the Atlantic at $8-9K/day and into the Mediterranean at $9- 10.5 K/day (outside war zones).
In the Handies market, in Continent the market declined due to the lack of new loads. In addition, we are in the middle of the ice season, which causes additional problems in the functioning of the market. Rates for the largest vessels in the class, for round trips fell to $7.5-9K/day, to the Mediterranean with Scrap cargoes to $7.5-8.5K/day and for Transatlantic trips to $6-7K /day.
In the Mediterranean we have seen more cargo coming to the surface, but there are still many ships in the area and competition between shipowners is intense. Larger vessel rates (above 36K tonnes DWT) for intra-Med trips moved to $7.5-8.5K/day (delivery at Canakkale), to Continent at $7-8K/day (delivery at Canakkale) , to the other side of the Atlantic Basin at $6.5-8K/day (delivery to Canakkale) and to Asia at $10.5-11.5K/day.
On the other side of the Atlantic Basin, in the US Gulf, rates continued their downward trend, as the few cargoes on the market are expected to be covered by charterers’ vessels. Indicatively, rates of the largest vessels in the category for trips to the other side of the Atlantic Basin ranged between $7.5-9K/day and to Asia at $11.5-12.5K/day.
In the East Coast of South America (ECSA) market moved to record lows. Additionally, while drafts on the Upriver are low, shipowners’ options remain limited. Thus, the charterers of larger vessels from the ECSA area for Transatlantic trips (Continent – Mediterranean) moved to $11-12.5K/day and to Asia at $12.5-14K/day.
In Asia the market moved to the very low levels of the previous weeks. Charterers appeared to control the pace of the market as the few cargoes from North and South gave them the upper hand. Further west, W. C. India and the Middle East Gulf saw more traffic, however the capacity build-up of the previous weeks did not allow rates to improve. Far East and NOPAC round trip charters on larger vessels closed at $7-8.5K/day, from S.E. Asia to China at $8-9K/day and from the West. India to China at $6.5-8K/day.