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Dry Bulk Charges Ahead Into Lunar New Year With Broad-Based Gains
- Λεπτομέρειες
- Δημοσιεύτηκε στις Δευτέρα, 16 Φεβρουαρίου 2026 07:08
By Iakovos (Jack) Archontakis
Senior Maritime Strategy Consultant - Chartering Executive & TMC Shipping Commercial Director
and
Dr. Fotios-Evangelos Karlis
Maritime Executive & Shipping Consultant
Dr. Fotios-Evangelos Karlis
Maritime Executive & Shipping Consultant
The dry bulk market is entering the final stretch before the Lunar New Year on a firm footing, with sentiment strengthening across all vessel classes and activity accelerating on key iron ore and grain routes. Larger sizes set the pace, while the rest of the fleet followed in a coordinated upward move that underscores tightening tonnage lists in several basins.
The Baltic Dry Index climbed 160 points week-on-week to close at 2,083 on Friday, February 13, reflecting a synchronized improvement in earnings. Capes advanced 9%, Kamsarmaxes rose 7.57%, Ultramaxes (63 dwt) gained 7.43%, and Handies improved by 3.22%.
Capesize: Pacific Momentum, Atlantic Support
Capesize tonnage led the rally, driven primarily by Pacific demand. Transpacific runs outperformed, while the benchmark West Australia–China (C5) iron ore route gathered pace from midweek onward, settling at $9.27 per metric ton. Increased cargo circulation and pre-holiday fixing activity tightened prompt availability and reinforced rate levels.
In the Atlantic, conditions were constructive overall, though not without late-week adjustments. In the south, the Brazil–China (C3) route showed firming trends for early next-month laycans before easing slightly to $23.92 per metric ton by week’s end. In the North Atlantic, renewed enquiry lifted both transatlantic round voyages (C8) to $34,340 per day and fronthaul business to Asia (C9) to $55,030 per day, signaling improved cargo visibility and firmer charterers’ appetite.
Kamsarmax: Measured Atlantic, Pre-Holiday Rush in Asia
The Kamsarmax segment saw a relatively calm Atlantic market, with limited fixtures but marginal rate improvements. Market participants are positioning for a stronger cargo program in early March, particularly from East Coast South America (ECSA). Voyages from ECSA to the Far East were assessed at $12,500–14,500 per day (Asia delivery), while transatlantic round voyages ranged between $14,500–16,500 per day.
In Asia, the week was marked by heightened urgency as charterers moved to secure cover ahead of the Lunar New Year slowdown. The rally stabilized toward the close, with forward freight agreements (FFAs) reflecting improved short-term expectations. Round voyages within Southeast Asia and the Far East were concluded at $11,000–13,000 per day.
Ultramax: U.S. Gulf Strength, Mediterranean Divergence
The Ultramax market retained a positive tone, albeit with regional differentiation. In Southeast Asia, activity softened toward week’s end as most westbound and Australian stems had already been covered, keeping rates at $9,000–10,500 per day.
The Arabian Gulf and West Coast India benefited from the firmer Atlantic environment, offering owners optionality to ballast west. Rates to the Far East were reported at $11,500–13,000 per day, while Atlantic-bound voyages stood at $8,500–10,000 per day.
The standout performer was the U.S. Gulf, where robust cargo flow and a tightening tonnage list shifted leverage toward owners. Transatlantic voyages achieved $31,500–33,000 per day, while fronthaul business to Asia commanded $34,500–36,000 per day, underscoring the premium attached to prompt positioning.
In Europe, the market gathered momentum in the second half of the week as open tonnage thinned. Scrap cargoes played a central role in supporting rates. The Mediterranean displayed a two-speed pattern: the western basin tracked broader Atlantic strength, while the eastern side remained comparatively subdued. Intra-Med business was assessed at $11,500–13,000 per day, with higher returns for certain directional employment.
Handysize: Scrap-Driven Europe, Firm U.S. Gulf
Handysize vessels posted moderate gains, particularly in Europe, where scrap stems provided the main impetus. The option to reposition toward the Atlantic Basin supported sentiment. Larger units in the segment achieved $15,500–17,000 per day on round voyages.
In the Mediterranean, performance diverged between west and east, mirroring broader regional dynamics. Across the Atlantic, the U.S. Gulf strengthened on the back of declining available tonnage and steady demand, with transatlantic rates at $23,500–25,000 per day.
Asian markets were softer by comparison, with subdued enquiry in both the North and South Pacific. However, forward expectations for March—especially in India and the Middle East—remain constructive, suggesting that the current pause may prove temporary rather than structural.
Outlook: Momentum Into the Holiday Pause
As the market approaches the Lunar New Year, dry bulk freight rates are underpinned by firmer cargo programs, selective tightness in prompt tonnage, and supportive FFA curves. The critical question is whether this momentum can be sustained once post-holiday trading resumes, or whether a seasonal recalibration will follow.
For now, the balance of power appears to favor owners, with earnings across key routes signaling a market that has regained tactical strength at a pivotal point in the trading calendar.
Legal Disclaimer:
This report is provided solely for general informational purposes and does not constitute investment or commercial advice. The information herein is based on sources believed to be reliable but is not guaranteed for accuracy or completeness. Any actions taken based on this content are the sole responsibility of the reader.
