Freight rates for all four dry bulk vessel classes found additional support last week. Capesize rates are now averaging $11,064/day, an increase of $3,437 (45%) from a week ago. Panamax rates are averaging $7,377/day, an increase of $532 (8%). Supramax rates are averaging $9,654/day, an increase of $246 (3%). Handysize rates are averaging $8,103/day, an increase of $250 (3%).

Dry bulk freight rates have been able to find support across the board first and foremost due to spot chartering activity remaining firm. 110 dry bulk vessels were chartered in the spot market last week, the same firm amount as the previous week. Chartering activity was especially strong on Friday, which saw 32 dry bulk vessels chartered in the spot market. In addition,10 dry bulk vessels were chartered for period deals last week, which was 5 more than the previous week. A moderate increase in dry bulk period chartering activity has occurred as market sentiment is improving.

Capesize rates have continued to the increase by the largest amount in the dry bulk market partially due to capesize fleet growth remaining much lower than seen in recent years. In addition, a very large amount of iron ore cargoes surfaced in the dry bulk market last week (the majority will be carried on capesize vessels). 29 iron ore cargoes surfaced in the spot market last week, 8 more than the previous week. 26 of the iron ore cargoes will be exported capesize vessels. This is 9 more than the previous week.

A decrease in South American grain and Indonesian coal cargoes surfaced in the market last week however (both of these cargoes are predominantly exported on panamax vessels). The decline in South American grain and Indonesian coal cargoes resulted in panamax rates finding only a moderate amount of support, and less support than seen during the Week Ending June 14. 12 dry bulk vessels were chartered to haul South American grain cargoes last week, 7 less than the previous week. In addition, 11 dry bulk vessels were chartered to haul Indonesian coal cargoes last week, 6 less than the previous week.