The dry bulk cargo market performed positively with Capes recording an increase of almost 25% while smaller sizes showed small corrections compared to the previous week. Specifically, Capes rose by 24.16%, Kamsarmaxes -4.23%, Ultramaxes (63) -3.89% and Handies +1.34%, compared to the previous week. Thus, the BDI rose by 205 credits, compared to the previous week and closed at 2257 credits on Friday, July 25.
Let’s see, in more detail, how the dry bulk cargo market moved last week by vessels size, starting with Capes.
Capes ignite the rally, driving the BDI upward
In Asia, it moved upwards until Thursday, gaining 0.5 dollars/ton. However, on Friday, the gains were limited as the rates fell approaching the weekend. The index levels on the Australia–China route (C5) closed on Friday at $10.29/tn.
In the Atlantic Basin, and particularly in the north, the large number of cargoes and the lack of vessels led to an increase in rates for all routes. In the south, the trends were also upward, with several new cargoes to China. The indexes on Friday reached up to $24.75/tn for trips from Brazil to China (for the C3 route), while rates from Continent to Asia closed at $60.01K/day (for the C9 route), and Transatlantic round trips at $42.36K/day (for the C8 route).
Kamsarmaxes lose momentum amid mixed Atlantic signals
In the Atlantic Basin and particularly in the north, the market started the week dynamically with several closings. However, the rest of the week was not as good as expected, as there were minor corrections in the majority of routes. In the south, there were many closures in the middle of the week. However, at the end of the week, there was a recession due to the increase in moving vessels for the second half of August.
Indicatively, the rates for trips from the East Coast of South America (ECSA) to the Far East reached up to $14.5–16.5K/day (delivery Asia), from Continent to Asia at $25–27K/day (delivery in Continent), and the round Transatlantic trips at $19–21K/day (delivery in Gibraltar). On the other hand, in Asia, the week closed with a slow pace and a decreasing trend in rates, since Australia and the North Pacific showed limited demand. In addition, the decline in the Atlantic helped charterers, as shipowners’ spare tonnage was limited. Roundtrip rates for Indonesia–Far East trades were at $14–16K/day (Far East delivery).
Ultramaxes hold ground in the East, face headwinds West
In Southeast Asia, the market remained stable as charterers preferred not to move, putting pressure on shipowners. UMX rates for trades between SE Asia and the Far East moved to $14.5–16K/day.
Further north, in the Far East, the market showed upward trends despite reduced activity. UMXs for round trips in the North Pacific (NOPAC) were at $12.5–14K/day, for trips to W.C. India at $14–15.5K/day, and for return trips to the Atlantic Basin (BH) at $12.5–14K/day.
In the Middle East Gulf and West C. India, the market remained flat thanks to a steady flow of cargo and unchanged supply of vessels. UMXs for trips to the Far East were at $15–16.5K/day (from MEG–WCI), for short trips between Arabian Gulf–WCI at $16–17.5K/day, and for trips to the Atlantic Basin at $10–11.5K/day.
In the Atlantic Basin, and especially the American Gulf, there were small corrections; however, routes to the Eastern Mediterranean and W.C. India were offering a premium. UMX rates for Transatlantic trips reached up to $22.5–24K/day and to Asia at $24–25.5K/day.
The ECSA region showed reduced activity and new demand. Thus, rates fell on all routes, but the limited supply of capacity restrained the decline. UMXs rates for trips to SE Asia–China moved to $28.5–30K/day and for Transatlantic trips (Mediterranean/Continent) at $26.5–28K/day.
In the Continent, activity was limited; however, rates remained stable on most routes due to the lack of readily available vessels. Given that the other side of the Atlantic Basin is under pressure, we expect the number of vessels moving to this region to decrease. UMXs rates for round-local trips moved to $15–16.5K/day, for SCRAP trips to the Mediterranean at $19–20.5K/day, and to Asia at $19–20.5K/day.
The Mediterranean showed corrections mainly in the Western Mediterranean due to the lack of new cargoes and attractive alternatives from the other side of the Atlantic. On the contrary, the picture was somewhat better in the East due to demand from the Black Sea. Indicatively, it is reported that a UMX for a trip from the Mediterranean to Asia closed at $17–18.5K/day (delivery Çanakkale), to the other side of the Atlantic Basin at $12–13.5K/day, and within the Mediterranean at $15–16.5K/day (excluding war zones).
Handies rebound in the Med, struggle elsewhere
In the Handies market, activity in the Continent started the week sluggishly, but picked up pace as the days progressed. Rates for the largest vessels in the category, for round trips, reached up to $9–10.5K/day, to the Mediterranean with scrap cargoes at $9.5–11K/day, and for Transatlantic trips at $7.5–9K/day.
The Mediterranean was strengthened by the limited available capacity, thus raising rates on almost all routes. The rates of the largest vessels (over 36K DWT) for trips within the Mediterranean were at $8.5–10K/day (delivery in Çanakkale), to Continent at $7.5–9K/day (delivery in Çanakkale), to the other side of the Atlantic Basin at $7.5–9K/day (delivery in Çanakkale), and to Asia at $12–13.5K/day.
On the other side of the Atlantic Basin, in the American Gulf, the market declined during the week. There may have been several closures, however these were at lower levels compared to the previous week. Indicatively, the rates of the largest vessels in the category for trips to the other side of the Atlantic Basin ranged at $15.5–17K/day and to Asia at $15.5–17K/day.
The ECSA region showed signs of fatigue after a while. Thus, few closures came to the surface as the gap between shipowners and charterers widened. The rates of the largest vessels from the ECSA region for Transatlantic trips (Continent–Mediterranean) moved at $16.5–18K/day and to Asia at $16.5–18K/day.
In Asia—and in particular the north—market movement advanced upward, mainly driven by steel cargoes from Korea and Japan. In the south, both Indonesia and Australia moved at low speeds. Further west, in the Middle East Gulf and W.C. India, there were no particular differences since there was a balance between supply and demand. The rates of the largest vessels in the category for round trips in the Far East and NOPAC closed at $11.5–13K/day, from SE Asia to China at $13.5–15K/day, and from W.C. India to China at $9.5–11K/day.
Honoring the next generation of Greek seafarers
We extend our warmest congratulations to the new cadets of the Hellenic Merchant Marine Academies. You are embarking on a demanding yet deeply rewarding journey—one that builds leadership, resilience, and connection to a truly global industry. With every voyage, you’ll grow in skill and character, learning to navigate both oceans and opportunities.
To shipowners and operators: Greece’s young seafarers are ready. Invest in their potential, their training, and the proud maritime tradition they represent.
Fair winds and following seas to all.
Disclaimer
This report and the information contained herein is for general information only and does not constitute investment advice.