Despite slowing in upward momentum, Capesize voyages do not appear to have hit a wall yet with modest improvements taking Brazil/ARAG voyage rates toward US$ 8.4/mt and Brazil/China toward US$ 18.5/mt. Whether they will keep rising over midweek is another issue, brokers strain to remind. Pacific RVs seem to be the first rates to buckle under the pause in demand with a flat and even rate of US$ 17,000 daily the newly downgraded (if just slightly downgraded) level for 180,000mt cargoes. The Atlantic spot basin, by comparison, is still going strong with a surprisingly robust US$ 1,000 upgrade on Tuesday taking average freights over US$ 19,000 and suggesting US$ 20,000 daily on the horizon.
The Panamaxes‘ day in the sun seems to have arrived after several weeks of suffering pressure on rates and less-than-spectacular sentiment. The upturn is most notable within the western hemisphere where owners are already seeking long haul rates at US$ 1,000 premiums to what they were asking for at the end of last week. A case in point is the trans-Atlantic round voyage from the Continent, which can now fetch upper US$ 8,000s daily on modern tonnage after settling for anything in the US$ 7,000s less than a week before. Pacific business is back in action as well with NoPac rounds pushing toward US$ 9,000 daily on standard tonnage to Singapore.
Handysizes have experienced some needed support on rates from the US Gulf where trips to the Continent are fetching mid US$ 8,000s daily on 28,000 dwt compared to high US$ 7,000s a week before. Demand is still rather hit or miss in most western area, but sentiment seems to have swung back into owners’ collective favour, giving Handysize owners a modest edge in negotiations for early July positions. Black Sea Supramaxes are going from strength to strength with daily improvements now surpassing US$500 and front hauls at middle US$ 17,000s.
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