Corrections have been coming fast and hard on the Capesize long hauls with Pac RVs losing nearly US$ 1,500 on Tuesday to hit US$ 26,000 and TARVs settling at just above US$ 30,000. One very notable exception, however, is the front haul market, which appears to have been energized by another round of cargo demand, driving it about US$ 2,000 upward on the Continental delivery to exceed a freight of US$ 52,000 daily on the 180,000 dwt assessment.
Panamax rates haven’t entered an all-out collapse—far from it—but the once flat and steady trans-Atlantic round voyage rates have buckled under the pressure of reversing sentiment and sliding cargo demand to slide into the high US$ 19,000s daily on UKC delivery. Pacific-based business is so far proving to be far more stable with drops still negligible as owners stay hopeful cargoes will be strong enough to keep freight rates from falling from current levels.
Despite a relatively limited number of visibly new fixtures, Handy bulk remains in the minority as the sole dry bulk sector with positive trending numbers, and rather strong ones at that. USG front hauls continue to lead the pack with a big US$ 500 jump at midweek on 58,000 dwt tonnage into the US$ 27-28,000 range. Black Sea front hauls have also held onto their bullishness with US$ 26,000s threatening to turn into US$ 27,000s if these trends persist. Indo rounds have stabilized around US$ 11,000.
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