Dry Bulk Market Update (9 Apr 2020)

The spark for the Capesizes is kept alive on the east­bound runs with front hauls hitting upwards of US$ 16,000 from the Continent and up to US$ 17,000 from the US Gulf. The bigger picture, nonetheless, is less encouraging with flat-to-fading trends in voyage rates (Brazil/China is holding to around US$ 10.4-10.5/mt) and growing pressure on the inter-Pacific rates.

Fixing activity is generally down from the start of the week with Easter preparations uderway. Action has picked up across the Panamax trades, but enough open tonnage is still floating around that so far little upward momentum has been seen in freights.

That is not expected to change significantly before the holiday weekend, but owners are encouraged that a post-Easter recovery may actually be on the cards. ECSA export remains a prime drive with rounds from the Far East and back giving Kamsarmaxes upwards of US$ 12,000 DOP. Sliding trends persist nearly unabated for the hapless Supramaxes on USG delivery—front hauls are fall­ing under US$ 14,000 and UKC redel is said to be in the US$ 6,000s—but the buoyant South American market is giving owns something to pin their hopes on. Interest is still waning, however, even with the pre-holiday rush in play. Then again, if the Panamax­es do indeed bounce back, freights for smaller bulk­ers will likely follow suit without very much delay.

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