Bulker Market Overview (5 Sep 2023)

capesize routeAfter ending last week on a bit of a down note, Capesizes start the new week with something of a surprising return to positivity with stabilizing trends in the Atlantic and continued buoyancy in the Pacific. Pacific round voyage rates have been especi­ally bullish of late with owners who had taken US$ 11,000s last week already heard to be asking char­terers for US$ 12,000s on mid-September dates. Panamaxes have turned into a split market with geo­graphically eastern rates out-performing their west­ern counterparts. Trans-Atlantic RVs are falling by some US$ 300-400 day-on-day (into the low US$ 22,000s) while Pacific RVs are increasing by around the same amount on a daily basis to trade in the middle US$ 11,000s. Southeast Asia is thriving as well with Indo rounds moving above US$ 10,000. Supramax rates are climbing across the board thanks to a convergence of global chokepoints that are mak­ing available tonnage slightly harder to hire in both hemispheres. In the East, a 58,000 dwt vessel has secured a rate of about US$ 17,000 daily going from Madagascar to China. Short period time charters are getting concluded at upwards of US$ 15,000 daily on Handymax tonnage open in the PG-WCI area.

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