Dry Bulk Update: Capes Under Correction (15 May 2024)

No safety net is evident for the Capesizes at present with freights falling steadily on long haul trades in the Atlantic (if less so in the Pacific). Front haul rates based on UKC delivery have slipped into the US$ 48,000s with charterers already heard to be seeking US$ 46,000 daily for end-month positions for will­ing owners. While this currently bearish turn is far from disastrous, owners are hoping the tides will turn back into their favour sooner rather than later.

The good times have ended for the Panamaxes at mid-May as owners concede discounts of some US$ 500 day-on-day for both front haul rates and trans-Atlantic RVs (dropping to US$ 16,000 and US$ 28,500, respectively). Even as shipowners continue to claim that North Atlantic avails are tight, cargo demand itself seems to be on the wane. Pacific RVs are nonetheless largely holding steady on Kam­sarmaxes with US$ 17,500 seen at last-done levels.

Steadiness continues to be the main feature of the Supramax spot markets with cargoes and tonnage seemingly locked into a bit of a standoff with neither owners nor charterers able to move the needle one way or the other. As such, Black Sea front hauls on ships of 58,000 dwt are still able to secure relatively high levels of US$ 25,000 daily (or just below) on CJK redelivery while their US Gulf counterpart is settling for a somewhat lower level of US$ 21,000.

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