The dry bulk market took a hit last week, with Capesize vessels dragging the indices down. Losses for Capes approached 25%, followed by the Panamax and Supramax segments. Only the Handysize sector managed a slight uptick. The Baltic Dry Index (BDI) dropped 358 points, closing at 1,901 on Friday, October 3rd.
Capesize: Iron ore pause in Asia shakes the market
In the Pacific, rumors of an iron ore buying suspension by Chinese giant CMRG cast a shadow over sentiment. Freight rates on the Australia–China route (C5) fell to $8.98/ton.
In the Atlantic, the picture was mixed: fresh cargoes emerged, but fixtures to Asia and transatlantic round voyages came in lower. Brazil–China (C3) rates closed at $23.53/ton, while Europe–Asia (C9) stood at $42,690/day, and transatlantic rounds (C8) at $21,970/day.
Kamsarmax: Oversupply dampens rates
In the Atlantic, vessel oversupply intensified competition, pushing daily rates down by roughly $2,000. On the East Coast South America (ECSA), rates to the Far East ranged between $14K–16K/day, while Europe–Asia trips fetched $21K–23K/day.
In Asia, holidays across China, South Korea, and India slowed momentum. Rates for Southeast Asia–Far East round voyages hovered at $13.5K–15.5K/day.
Supramax & Ultramax: Quiet waters, limited coal cargoes
Southeast Asia remained subdued, with few coal cargoes. Rates for intra-regional trips were $14.5K–16K/day. In the Far East, Chinese and Korean holidays kept activity low. NOPAC rounds paid $13.5K–15K/day, India-bound trips $15.5K–17K/day, and backhaul to the Atlantic $13.5K–15K/day.
In the Arabian Gulf and West India, vessel oversupply continued to pressure rates. Far East-bound trips paid $12.5K–14K/day, short regional voyages $15.5K–17K/day, and Atlantic-bound trips $10.5K–12K/day.
In the US Gulf, Golden Week in China reduced eastbound demand. Transatlantic trips reached $33.5K–35K/day, while Asia-bound voyages paid $32.5K–34K/day. ECSA rates to Southeast Asia–China stood at $27K–28.5K/day, and to Europe/Mediterranean at $27.5K–29K/day.
Europe & Med: Handysize support lifts sentiment
Europe saw a boost thanks to increased scrap cargoes and limited tonnage. Local trips paid $17K–18.5K/day, scrap cargoes to the Med $29.5K–31K/day, and Asia-bound voyages $27.5K–29K/day. The Med started slow but picked up midweek, especially in the west. A Med–Asia fixture closed at $24K–25.5K/day.
Handysize: Steady flow, modest gains
In Europe, consistent cargo flow and tight vessel supply supported rates. Round voyages paid $17.5K–19K/day, scrap to the Med $20.5K–22K/day, and transatlantic trips $14K–15.5K/day.
The Med held steady, with rates for intra-Med trips at $13K–14.5K/day, to Europe $12.5K–14K/day, to the Atlantic $11.5K–13K/day, and to Asia $15.5K–17K/day.
In the U.S. Gulf, more open tonnage pressured owners to lower ideas. Atlantic-bound trips paid $23.5K–25K/day, and Asia-bound $19K–20.5K/day. ECSA started slow but gained traction midweek, with rates to Europe–Med at $22.5K–24K/day, and to Asia at $20.5K–22K/day.
In Asia, Golden Week brought calm to the north, while southern activity faded by week’s end. The Arabian Gulf and India remained balanced. Round trips to the Far East and NOPAC paid $10.5K–12K/day, Southeast Asia–China $13.5K–15K/day, and West India–China $8K–9.5K/day.
Disclaimer
This report is for general informational purposes only and does not constitute investment advice. Market views and estimates are based on available data and are subject to change without notice.