Weekly Dry Bulk Observation
The international dry bulk market ended last week with the Baltic Dry Index (BDI) at 963 points, a decrease of 74 points (7%) from a week ago. Rates for all four dry bulk vessel classes decreased last week as global spot chartering activity declined by a very large amount. In total, only 87 dry bulk vessels were chartered in the spot market last week. The previous week saw 118 vessels chartered. 5 dry bulk vessels were also chartered for period deals last week, which was 2 more than were chartered during the previous week.
Capesize vessels
Capesize rates ended last week averaging $9,102/day, which was a decrease of $1,902 (17%) from a week ago. Spot Australian iron ore cargo volume was firm last week, with all of the major miners fairly active in the market. Brazilian iron ore cargo volume finally rebounded too, but both factors did not allow capesize rates to find support. 19 spot Australian iron ore cargoes surfaced in the market last week, which was 1 less than the previous week. In total, 7 spot Brazilian iron ore cargoes surfaced last week, which was 3 more than the previous week. The rate of the Australia-Qingdao route has fallen by 4.3% to $7.564/ton. The daily cost to charter a capesize vessel for a Pacific round-trip voyage has decreased by 9.3% to $9,523/day. The rate of the Tubarao-Qingdao route has fallen by 7.5% to $17.455/ton. The rate of the Tubarao-Rotterdam route has fallen by 12.8% to $6.789/ton. The daily cost to charter a capesize vessel for an Atlantic round-trip voyage has fallen by 19.9% to $6,225/day. In the time charter market, the capesize time charter market was not very active again last week. One capesize vessel was chartered for a period deal last week. This is the same amount that was chartered during the previous week. Most recently, a 176,000 dwt vessel was chartered for 12 to 16 months for $15,500/day.
Panamax Vessels
Panamax rates ended last week averaging $6,924/day, which was a decrease of $177 (2%) from a week ago. Panamax rates fell last week but only by a very small amount. The rate of the Atlantic to Far East route has fallen by 3.8% from a week ago to $14,654/day. The daily cost to charter a panamax vessel for an Atlantic round-trip voyage has declined by 2% from a week ago to $5,421/day. The daily cost to charter a panamax vessel for a Pacific round-trip voyage has decreased very slightly to $7,410/day. The rate of the Far East to Europe route has risen to $202/day. In the time charter market, the panamax time charter market was not very active last week as two panamax vessels were chartered for period deals. This is the same low amount that were chartered during the previous week. Most recently, an 82,000 dwt vessel was chartered for 4 to 7 months for $10,850/day.
Supramax Vessels
Supramax rates ended last week averaging $10,147/day, which was a decrease of $598 (6%) from a week ago. Supramax rates have decreased due to a drop in coal and grain cargoes. The rate of the US Gulf-Europe route has decreased by 19.7% to $13,206/day. The rate of the Black Sea to Far East route has fallen very slightly to $13,613/day. The rate of the Europe-Far East route has declined by 3% to $17,314/day. The cost to charter a supramax vessel for an Asia-NOPAC or Australian round-trip voyage has fallen by 3.9% to $8,936/ day. In the time charter market, the supramax time charter market was more active last week. Two supramax vessels were chartered for period deals last week. In comparison, none were chartered for period deals during the previous week. Most recently, a 56,000 dwt vessel was chartered for 4 to 6 months for $10,000/day.