Bulk Carrier Market Overview (14 Feb 2024)

The holding pattern continues for Capesizes as mar­kets enter the middle of the Golden Week with only mild buoyancy seen in front hauls. Standard front haul freights are hovering in the low US$ 40,000s with the best-positioned tonnage fetching as much as US$ 43,000 on modern vessels of 180,000 dwt based on S’pore-Japan redel. Inter-Pac round voyage rates persist in trading just below US$ 20,000 daily.

Panamax freights have not collapsed as many feared they may do this week, although they are not flying to new highs either. By the same token, shipbrokers note, they have been picking up some US$ 200 de­pendably day-on-day over the past few days, which has seen TARV rates creep up toward US$ 15,000 daily on modern tonnage of 82,000 dwt and US$ 14,000 daily on standard vessels of 74-76,000 dwt.

Ultramax rates are losing some traction in the Black Sea with delivery from the area a bit less complicated as it was a week ago with avails back then proving harder to get for charterers looking to capitalize on the fluctuating grain market. At present, front haul rates ex-Black Sea are still giving high US$ 20,000s at up to US$ 29,000 daily but not very much higher.

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