Dry Bulk Market Overview (31 Mar 2023)

cement bulker kosThe Capesize market is showing more activity on the iron ore routes with some stabilized freight rates in the high US$ 7s/mt for mid-April loading out of Western Australia into China. The trans-Pacific rounds are firming with rates talked in the low/mid US$ 13,000s daily. In the Atlantic some demand from West Africa is supporting freight rates, but from Brazil business remains low with freight rates in the mid-high US$ 20s/mt. Front hauls hover in the range of US$ 29,000 per day. The firming trend for the Panamax rates continues with gains in the three-digital range day-on-day realized on nearly every major route and interesting opportunities seen in both hemispheres. Increasing demand for period chartering in the Pacific is evident with middle-aged vessels open in Southern China for short-period trading rumoured in the range of US$ 14-15,000 daily for delivery beginning April. The Indonesian round seems to be the only exception with the spot rates having difficulty clinging to last-done levels. The downward trend for Handy bulk rates is unbroken with declines of more than US$ 1,000 per day seen on the Indonesian round for Supra tonnage. Fresh activity is not very abundant and the Pacific basin is generally losing more steam than the Atlantic. An older 56,000 dwt failed at US$ 12,500 daily for a trip via Indonesia with destination South Korea and delivery Southern China. An Ultramax is being talked about on subs for about US$ 19,000 daily for an iron ore trip from Guatemala via WCSA to China. Demand for Handysize shipments in the East Med and Black Sea seems to be positive, which is supporting rates in the region and is even driving firming trends along the trans-Atlantic routes. For exclusive news and updates about dry bulk shipbroking, subscribe to the BMTI Daily Report.

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