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"Dry Bulk Pulse: Calm Seas, Hidden Currents – Rates Shift Across Oceans"

Turning to the dry bulk market by segment, starting with Capes: in Asia, the absence of major miners, combined with the impact of Cyclone Narelle, significantly curtailed activity. As the week progressed, conditions deteriorated further, with rising vessel supply exerting additional pressure. On the Australia–China route (C5), rates closed Friday at $11.64 per ton.

In the Atlantic, however, the picture shifted. The southern basin showed signs of recovery, with increased cargo flows դեպի China, while West Africa performed even more robustly. This positive sentiment extended northward, shaping a more optimistic landscape. Rates for Brazil–China (C3) reached $30.16 per ton, while voyages from Europe to Asia climbed to $53.61K per day (C9), and transatlantic round voyages stood at $23.1K per day (C8).

For Kamsarmaxes, the Atlantic remained subdued on both sides. Owners faced limited options, as cargo availability toward the Far East and across the Atlantic was thin. Rates from the East Coast South America (ECSA) to the Far East ranged between $17–19K/day (delivery Asia), while Europe–Asia runs were fixed at $22.5–24.5K/day (delivery Europe). Transatlantic round voyages lagged behind at $12–14K/day (delivery Gibraltar).

In Asia, by contrast, a mild steadiness prevailed. Despite some improvement in cargo flows from Australia and toward India, the market lacked real momentum. Round voyages within Southeast Asia and the Far East hovered at $16–18K/day (delivery Far East).

The Ultramax segment painted a more nuanced picture. Southeast Asia maintained a fragile balance, supported by scattered cargoes from Australia and backhaul activity that kept the market ticking. Yet as the week drew to a close, momentum faded, with interest gradually shifting toward routes to West India. Rates for UMXs between Southeast Asia and the Far East settled at $12–13.5K/day.

Further north, the Far East market moved in near stillness, with no significant shifts to disturb its surface. Some cargoes emerged in the North Pacific, along with return voyages, but were quickly absorbed and not replenished—fleeting opportunities rather than sustained trends. UMX rates for North Pacific round voyages (NOPAC) stood at $14–15.5K/day, at $17–18.5K/day for trips to India, and at $12.5–14K/day for backhaul voyages to the Atlantic (BH).

In the Middle East Gulf and Western India, the market moved with a jittery rhythm, responding to the latest geopolitical developments. Cargo flows to Western India remained thin, almost hesitant, while sporadic opportunities emerged mostly from the eastern side—like scattered bursts in an otherwise unstable environment. Within this context, UMX charter rates for voyages to the Far East settled at $10,500–$12,000 per day for loadings from Western India (WCI).

Across the Atlantic, particularly in the U.S. Gulf, the market showed a strong pulse, characterized by heightened activity, abundant cargoes, and consecutive fixtures. Charterers appeared to act with urgency, aiming to secure positions ahead of the Catholic Easter. While waiting days for cargoes still persist in some cases, the overall sentiment has shifted toward a more active and optimistic tone. Here, UMX rates for transatlantic voyages reached $18,500–$20,000 per day, while trips to Asia ranged from $19,000–$20,500.

Meanwhile, the East Coast of South America (ECSA) kicked off the week with strong momentum, as multiple charterers sought available vessels for their shipments. The picture was further bolstered by cargo inflows via Argentina’s river , adding depth to demand. UMX rates for voyages to Southeast Asia and China moved between $28,000–$29,500 per day, while transatlantic voyages to the Mediterranean and Europe fetched $25,000–$26,500.

In Europe, activity declined noticeably during the week, weighed down by the shadow of Catholic Easter. Midweek saw some new cargoes appear, but they were insufficient to halt the market’s downward trend. Consequently, UMX rates for circular and local trips settled at $14,500–$16,000 per day, scrap shipments to the Mediterranean at $16,500–$18,000, and voyages to Asia at $18,000–$19,500.

The Mediterranean followed a downward path as well, with increased vessel availability intensifying rate pressure and straining an already fragile supply-demand balance. In the western basin, demand showed modest improvement but could not significantly alter the picture. Indicatively, a UMX voyage from the Mediterranean to Asia closed at $18,500–$20,000 per day (delivery Canakkale), to the other side of the Atlantic at $8,000–$9,500, while intra-Mediterranean trips ranged from $10,500–$12,000 outside conflict zones.

In the Handies market, Europe remained under persistent pressure, as oversupply weighed on the market balance. Rates dropped sharply in the first half of April, though some new cargoes for the latter half of the month offered a cautious note of optimism. Within this environment, returns for larger Handies were $12,500–$14,000 per day for circular trips, $14,500–$16,000 for Mediterranean scrap shipments, and $8,500–$10,000 for transatlantic routes.

The Mediterranean displayed a split picture. In the western basin, the market mirrored Europe’s downward trajectory, weighed by general weakness. Conversely, the eastern side saw some stabilization thanks to new cargoes, keeping levels steady without creating upward momentum. Rates for larger Handies (over 36,000 DWT) reflected this mixed reality: intra-Mediterranean trips $9,500–$11,000 per day (Canakkale delivery), to Europe $9,000–$10,500, transatlantic $8,000–$9,500, and to Asia $12,500–$14,000.

Across the Atlantic, the U.S. Gulf moved at a livelier pace, with market activity intensifying just before the Catholic Easter holidays. Despite this short-term buzz, balance has not yet been restored: vessel oversupply persists, while April cargoes remain limited. Within this framework, larger Handies rates stood at $10,500–$12,000 per day to the other side of the Atlantic, and $14,500–$16,000 to Asia.

Simultaneously, ECSA appears to have hit its bottom and is gradually entering a recovery phase. Increased cargo flows from both north and south, combined with a relative lack of vessels heading to the region, significantly improved sentiment. As a result, rates for larger vessels from ECSA to transatlantic destinations (Europe–Mediterranean) reached $18,000–$19,500 per day, and $16,500–$18,000 for voyages to Asia.

In Asia, the picture remains fragile. In the north, levels held nearly steady as subdued demand met limited supply, creating a stagnant environment. In the south, reduced cargo flows led to an accumulation of available tonnage, weighing on the market and limiting opportunities. The only bright spot was Australia, offering some attractive, albeit limited, openings.

Further west, India’s market saw little change, maintaining steady levels. Several owners looked to South African cargoes as alternatives. Within this framework, rates for larger vessels stood at $12,500–$14,000 per day for circular trips to the Far East and NOPAC, remained at similar levels for Southeast Asia to China, and from Western India to China slipped to $9,000–$10,500.

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