The dry bulk freight market is showing positive signs, mainly for the larger vessel sizes, Capes and Panamaxes, which recorded weekly increases compared to the previous week. The smaller sizes remained at similar levels, maintaining the overall positive outlook of the freight market. Let us examine how the market moved by vessel category and geographical region. More specifically, Capes rose by 12.63%, Kamsarmaxes by 4.4%, Ultramaxes by 0.18%, and Handies decreased by 0.32% compared to the previous week. As a result, the Baltic Dry Index (BDI) increased by 193 points on a weekly basis and closed at 2,717 points on Friday, July 3.
Capes: miners return and sentiment improves
Turning to the performance of the dry bulk market by vessel size, starting with the Capes, the return of the major miners in Asia contributed to a shift in sentiment in favor of owners. Freight rates on the key Australia–China route (C5) gained two dollars per ton during the week, with the index closing on Friday at 12.25 dollars per ton. In the Atlantic, South Brazil and West Africa led the market with higher fixtures compared to the previous week, while the North Atlantic was more selective, increasing demand for transatlantic and eastbound voyages. On Friday, the Brazil–China (C3) route stood at 30.11 dollars per ton, while rates for voyages from Europe to Asia closed at 72,120 dollars per day (C9), and transatlantic round voyages at 40,740 dollars per day (C8).
Kamsarmaxes: strong Atlantic, solid Asian support
In the Kamsarmax segment, owners in the North Atlantic appeared to have the upper hand, as demand for ore cargoes was strong and charterers had limited alternatives. In the South Atlantic, the market moved at two speeds: vessels able to load in July achieved a premium, while those with August laycan dates secured lower numbers. Indicatively, rates from the East Coast South America (ECSA) to the Far East ranged between 22,000 and 24,000 dollars per day (delivery Asia), while voyages from Europe to Asia ranged between 30,000 and 32,000 dollars per day (delivery Europe). Transatlantic round voyages fluctuated between 21,500 and 23,500 dollars per day (delivery Gibraltar). In Asia, the market began the week strongly, with East Australia leading and the North Pacific following closely. Rates for round voyages in Southeast Asia and the Far East ranged between 17,500 and 19,500 dollars per day (delivery Far East).
Ultramaxes: Atlantic strength offsets Asian weakness
In the Ultramax segment, Southeast Asia showed slight losses due to the large number of open vessels until mid-July, although cargo flow — mainly from Australia — remained stable. Rates for voyages between Southeast Asia and the Far East ranged between 17,000 and 18,500 dollars per day. Further north, the Far East remained active, with several new inquiries, while most vessels for the coming period were already covered. Additional support came from cargoes heading toward the Atlantic. Rates for NOPAC round voyages ranged between 17,000 and 18,500 dollars per day, voyages to India between 21,500 and 23,000 dollars per day, and backhaul voyages to the Atlantic between 17,500 and 19,000 dollars per day.
In the Middle East Gulf and West India, the market remained under pressure, as the straits continue to be restricted and most activity is concentrated in Oman. This resulted in port congestion and low demand, with slight support coming from South Africa. Rates for voyages to the Far East ranged between 14,500 and 16,000 dollars per day (delivery WCI).
In the Atlantic, and particularly in the U.S. Gulf, the market strengthened thanks to increased demand that exceeded available tonnage. Rates for transatlantic voyages ranged between 31,500 and 33,000 dollars per day, while voyages to Asia ranged between 35,500 and 37,000 dollars per day. The ECSA region was especially active, with increased fixing volumes across all routes, and the key factor remained the limited vessel supply relative to demand. Rates to Southeast Asia and China ranged between 34,500 and 36,000 dollars per day, while transatlantic voyages to the Mediterranean and Europe ranged between 33,500 and 35,000 dollars per day.
The European market continued upward, not due to increased demand but because of the reduced number of available vessels. Rates for local round voyages ranged between 19,500 and 21,000 dollars per day, scrap voyages to the Mediterranean between 23,500 and 25,000 dollars per day, and voyages to Asia also between 23,500 and 25,000 dollars per day. The Mediterranean was supported by grain cargoes from the Black Sea and clinker from Türkiye. An Ultramax for a voyage from the Mediterranean to Asia was fixed at 23,000 to 24,500 dollars per day (delivery Çanakkale), while voyages to the Atlantic ranged between 15,000 and 16,500 dollars per day, and intra-Mediterranean voyages between 16,500 and 18,000 dollars per day (excluding war zones).
Handysize: mixed regional performance
In the Handysize segment, the European market showed positive signs, as freight rates maintained an upward trend despite the reduced cargo volume. Rates for the larger vessels in the segment ranged between 14,500 and 16,000 dollars per day for round voyages, between 17,000 and 18,500 dollars per day for scrap voyages to the Mediterranean, and between 8,000 and 9,500 dollars per day for transatlantic voyages.
The Mediterranean showed signs of recovery as grain exports from the Black Sea began to increase, allowing several vessels to secure employment and pushing rates higher. Larger Handies (above 36,000 dwt) achieved between 9,000 and 10,500 dollars per day for intra-Mediterranean voyages, between 9,500 and 11,000 dollars per day for voyages to Europe, between 9,000 and 10,500 dollars per day for voyages to the Atlantic, and between 13,500 and 15,000 dollars per day for voyages to Asia (delivery Çanakkale).
In the U.S. Gulf, the market softened slightly, as owners had limited options, especially for transatlantic voyages. Rates for the larger Handies ranged between 20,500 and 22,000 dollars per day for voyages to the Atlantic and between 18,500 and 20,000 dollars per day for voyages to Asia. The ECSA region maintained its momentum thanks to a balanced supply-demand environment, with larger Handies benefiting from the strong performance of Supramaxes. Rates for transatlantic voyages to Europe and the Mediterranean ranged between 21,500 and 23,000 dollars per day, while voyages to Asia ranged between 20,500 and 22,000 dollars per day.
In Asia, activity slowed both in the north and south, leading to a concentration of tonnage, especially in the north. The south saw a slight increase in demand early in the week, but it did not continue. In the Middle East Gulf and India, conditions were similar, with limited activity and low demand. Rates for the larger Handies ranged between 16,500 and 18,000 dollars per day for round voyages in the Far East and NOPAC, between 16,500 and 18,000 dollars per day for voyages from Southeast Asia to China, and between 9,500 and 11,000 dollars per day for voyages from West India to China.
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This report is provided solely for general informational purposes and does not constitute investment or commercial advice. The information herein is based on sources believed to be reliable but is not guaranteed for accuracy or completeness. Any actions taken based on this content remain the sole responsibility of the reader.