Yesterday’s assumption of a possible break seems to be right. With the exception of the fronthaul the Capesizes have recovered the losses they have gone through. The rounds in both basins are talked in a range of US$ 28,500-28,800 daily for the Atlantic side and at some US$ 23-23,300 per day for the Pacific. Iron ore voyages are steadily sailing on their ocean-highways with freight rates for end July loading a bit below US$ 9/mt when coming from Western Australia and a bit above US$ 22/mt when loading port is in Brazil.

The Panamaxes enjoy the growing of the spot freight rates at an even accelerating pace in both hemispheres although business is quite low at the moment. Only a flurry of coal shipments heading to India are seen at freight rates for loading in Eastern Australia at the beginning of August in the mid-high teens. Fronthauls for modern tonnage of around 82,000 dwt are trying to touch the US$ 25,000 daily mark.

The situation for the smaller sizes is without major changes in the Atlantic basin. Spot freight rates keep on climbing and there are business opportunities around. In the East the market can be characterized as flat with some retreat in rates like a 56,000 dwt open mid China going to India via Indonesia at a low US$ 7,000s daily rate.

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