The dry bulk market has entered a phase of quiet anticipation, with sentiment shaped almost entirely by the geopolitical choreography surrounding the evolving Iran–US agreement. In this atmosphere of cautious observation, freight levels across most vessel segments moved without dramatic swings. The exception was the Panamax segment, where volatility was noticeably more pronounced.

Capesizes edged up by 1.02%, Kamsarmaxes slipped by 8.2%, Ultramaxes (63,000 dwt) rose by 4.63%, and Handies gained 3.77% week‑on‑week. As a result, the Baltic Dry Index (BDI) shed only seven points, closing at 2,721 on Friday, June 19 — a marginal decline that reflects a market waiting for clarity rather than reacting to fundamentals.

Ultramaxes in Southeast Asia felt pressure as well, though Indonesian cargoes to India — and subsequently to China — provided some support. Rates between Southeast Asia and the Far East settled at USD 17,500–19,000 per day. In the Far East, the market remained steady, with NOPAC rounds at USD 17,000–18,500, India‑bound voyages at USD 22,500–24,000, and backhauls to the Atlantic at USD 17,500–19,000.

In the Middle East Gulf and West Coast India, activity was subdued. Few vessels crossed the Strait of Hormuz, and charterers hesitated to commit until geopolitical developments became clearer. Port congestion added another layer of complexity. Rates to the Far East ranged between USD 14,500 and 16,000 per day.

Across the Atlantic, particularly in the US Gulf, the Ultramax market maintained its momentum with a solid volume of fixtures and a balanced supply–demand dynamic. Transatlantic voyages closed at USD 30,500–32,000 per day, while trips to Asia reached USD 31,500–33,000. The ECSA region softened due to limited activity, with eastbound voyages to Southeast Asia and China at USD 34,500–36,000 and transatlantic trips at USD 32,500–34,000.

Europe saw a slowdown after a period of gains, with negotiations largely holding steady at previous levels. Local rounds settled at USD 19,500–21,000, scrap cargoes to the Mediterranean at USD 24,500–26,000, and fronthauls to Asia at USD 25,000–26,500. The Mediterranean, however, experienced a notable upswing driven by increased Atlantic cargo volumes and tightening tonnage. Toward the end of the week, charterers adopted a wait‑and‑see stance, tempering the rally. A typical Ultramax from the Mediterranean to Asia fixed at USD 23,000–24,500 per day, while intra‑Med voyages ranged between USD 15,000 and 16,500.

In the Handysize segment, Europe gradually picked up pace, supported by a balanced tonnage list and positive sentiment from other regions. Larger Handies earned USD 14,500–16,000 for local rounds, USD 17,000–18,500 for scrap runs to the Mediterranean, and USD 9,000–10,500 for transatlantic voyages. The Mediterranean strengthened further as rising demand emboldened owners to push ideas higher. Vessels above 36,000 dwt achieved USD 9,000–10,500 for intra‑Med voyages, USD 7,500–9,000 to Europe, USD 8,000–9,500 to the Atlantic, and USD 11,500–13,000 to Asia via Canakkale.

In the US Gulf, the Handysize market surged with strong activity and early discussions for July cargoes already underway. Rates to both the Atlantic and Asia stood at USD 19,500–21,000. The ECSA region continued its upward trajectory thanks to steady cargo flow and limited open tonnage, with transatlantic voyages fixing at USD 23,500–25,000 and eastbound trips at USD 20,500–22,000.