With mineral cargo congestion in the Pacific and a sudden lack of open tonnage across much of the Capesize market, spot freight levels for the biggest bulkers have been rising by leaps and bounds to the extent that market observers can scarcely take an accurate reading for having to throw it out one hour later. All long haul rates are on fire, but the front haul is leading the pack with another US$ 4-5,000 jump on Tuesday to take the assessment into range of US$ 45,000 daily on 180,000 dwt tonnage. Pacific RV time charters, meanwhile, are hitting mid-high US$ 20,000s with US$ 27-28,000 (or more) very likely by week’s end, if not even US$ 30,000 daily (given current trends). Shipowners are doing their best to lock in the best rates they can get as it seems unlikely for the boom times to be sustained into late January.
Panamax conditions are continuously improveing as well with a very strong upside developing along the Continental front haul rates as US$ 24-25,000 daily rates are becoming readily achievable by shipowners with little-to-no effort given on modern Kamsarmax tonnage. TARVs are looking to exceed US$ 18,000. Slowly but surely getting into the game, Supramax rates are starting to enjoy the uniformly rising tide in dry bulk with Indonesia rounds now having climbed back over US$ 10,000 daily on Tess 58 tonnage. The Black Sea front hauls are trending positively again.
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