February 2025
24-February-2025
Capesize Bulk Carrier Market - Baltic Capesize Index (BCI)
This week, the capesize bulk carrier market continued its upward trajectory, recording an increase of $2,277 to close at $8,216, marking the highest value since late January 2025. Activity in West Australia was subdued despite the reopening of ports and vessels resuming operations at berths. The Baltic Capesize Index (BCI) C5 route saw a gradual increase, reaching $6.485 by week’s end, with the laycan window shifting fully to March dates. In the North Atlantic, conditions firmed overall, though premiums continued for breaking INL. From Brazil, the Baltic Capesize Index (BCI) C3 route experienced a positive shift with increased fixture activity, pushing rates beyond $18 for mid-March loading.
Panamax Bulk Carrier Market - Baltic Panamax Index (BPI)
The panamax bulk carrier market had a dynamic week, gaining momentum as it progressed due to solid fundamentals. The week started quietly but quickly gained pace with a mid-week FFA surge, stabilizing as the week concluded. In the North Atlantic, the picture remained unclear with minimal trans-Atlantic activity and flat rates, whereas robust demand for minerals and grains supported fronthaul rates. East Coast South America (ECSA) saw stable support for mid-March arrivals, with several agreements at $11,500 for 82,000-dwt vessels from India covering trips via East Coast South America (ECSA) to the Far East. In Asia, continuous cargo replenishment drove rates higher, clearing tonnage across southern and northern regions. A strong week for period deals saw rates around $14,000 for one-year contracts.
Ultramax/Supramax Bulk Carrier Market - Baltic Supramax Index (BSI)
The week was overall positive for this sector, driven by heightened demand in Asia. The Atlantic started strong but saw a slight dip in demand from the US Gulf and a softening of rates. A 61K DWT ultramax bulk carrier fixed a trip to Chittagong at $17,500. The South Atlantic showed better prospects for trans-Atlantic runs due to increased inquiries from the Continent-Mediterranean, where a 58K DWT supramax bulk carrier secured $12,000 for a trip from Rotterdam to the East Mediterranean. In Asia, strong demand boosted backhaul and trans-Pacific rates, with a 57K DWT supramax bulk carrier securing $14,000 for the first 65 days, then $14,500, and a 64K DWT ultramax fixing a trip via Indonesia to China at $11,000. Period activity also saw a rise, with a 64K DWT ultramax securing a year’s trading at $13,500, and a 58K DWT supramax locking in 3/5 months trading worldwide at $11,500.
Handysize Bulk Carrier Market - Baltic Handysize Index (BHSI)
The handysize sector experienced a generally positive week with rates climbing across most regions. The Continent-Mediterranean area continued to improve, driven by strong positioning. A 37K DWT handysize was fixed for a trip from Brunsbuttel via Mukran to Conakry at $14,000. The South Atlantic remained upbeat, fueled by limited available tonnage for February and substantial cargo bookings, with a 36K DWT handysize booking from Recalada to Lebanon in the high $16,000s. Meanwhile, the US Gulf market stayed muted with few rate changes. In Asia, tight tonnage in North China and weather disruptions in Southeast China prompted higher bids from charterers. A 39K DWT handysize was booked from Indonesia via Australia to Japan at $8,700.
17-February-2025
Capesize Bulk Carrier Market - Baltic Capesize Index (BCI)
This week, the Capesize market experienced a generally weaker performance, with the Baltic Capesize Index (BCI) 5TC seeing a decline during the first half of the week before stabilizing due to an uptick in activity, ending at $5,939. This marked a decrease of over $1,000 from the previous week, setting a new low since late February 2023. This was also the lowest among the four main dry bulk sectors. Cyclone conditions interrupted operations at Port Hedland and Dampier in West Australia, and a fire incident occurred at the Praia Mole Coal Terminal in Brazil. The Baltic Capesize Index (BCI) C3 (Tubarao to Qingdao) and Baltic Capesize Index (BCI) C5 (West Australia to Qingdao) concluded the week at $16.755 and $6.03, respectively. In the South Atlantic, a notable increase in ballasters was observed, with some vying with Capesize carriers in the Continent-Mediterranean area for transatlantic and front-haul engagements. Baltic Capesize Index (BCI) C8 for the transatlantic round voyage registered at $3,643, while Baltic Capesize Index (BCI) C9 for the front-haul route was noted at $24,906.
Panamax Bulk Carrier Market - Baltic Panamax Index (BPI)
The Panamax sector reported a continuous decline this week. Most of the pressure was felt in the North Atlantic basin, where resistance was notably sparse, leading to lower bids by charterers, especially for the limited trans-Atlantic voyages. Meanwhile, upcoming dates in South America were traded at lower rates, though some support was evident on Baltic Panamax Index (BPI) dates, with a Panamax carrier in Singapore securing $10,000 for a journey via South America to redelivery in China. The Asian market showed a brief upturn early in the week, resulting in slightly firmer rates, which then stabilized as the week progressed. NoPac (North Pacific) routes hovered around $10,000 with multiple transactions closed, while the average rate from Australia for round trips stood at approximately $9,000.
Ultramax/Supramax Bulk Carrier Market - Baltic Supramax Index (BSI)
The Ultramax/Supramax sector saw another strong week, driven by increased demand and higher rates across various regions. The Atlantic region, particularly the East Mediterranean, experienced robust demand. From the US Gulf, rates improved with an Ultramax carrier securing a voyage from the US Gulf to the Far East in the mid-$19,000 range. Similarly, an Ultramax carrier in the South Atlantic secured approximately $20,000 for a trip from Recalada to the Continent. Demand remained positive in Asia, with an Ultramax carrier arranging a round trip from South China to Australia for $10,000, while backhaul demands led to a Supramax securing a mid-$10,000 rate for a voyage from China to the Mediterranean. However, the Indian Ocean trailed slightly, with a Supramax fixing from Port Elizabeth (South Africa) to China at $9,000 plus a $90,000 ballast bonus.
Handysize Bulk Carrier Market - Baltic Handysize Index (BHSI)
This week, the Handysize sector displayed a varied performance across regions. In the Continent and Mediterranean, stability was maintained by a solid cargo book and ongoing scrap orders, with a Handysize securing a trip from the Continent to the East Mediterranean with scrap in the $9,000s. The South Atlantic showed strong market fundamentals, particularly for larger vessels, maintaining robust support. A Handysize in Recalada booked a voyage to redelivery in WC Central America for $18,000. Contrastingly, the US Gulf saw a modest improvement in rates, though activity was limited compared to other regions, with a Handysize securing a journey from South West Pass to redelivery in the Balboa-Puerto Quetzal range with agricultural products for $11,800. The Asian market remained strong, especially in Southeast Asia, where several significant fixtures were noted. A Handysize was fixed from South Korea to redelivery on the West Coast of India (WCI) at $12,000.
12-February-2025
Baltic Dry Index (BDI), which monitors rates for ships transporting dry bulk commodities, experienced a decline for the second consecutive session on Tuesday, influenced by falling rates in both the capesize and panamax bulk carrier segments. The Baltic Dry Index (BDI), encompassing rates for capesize, panamax, and supramax bulk carriers, dropped 8 points to settle at 801 points. The Baltic Capesize Index (BCI) decreased by 31 points to 779 points, marking its lowest level since February 2023. Average daily earnings for capesize bulk carriers, which typically handle 150,000 metric ton cargoes such as iron ore and coal, fell by $258 to $6,458. Iron ore futures reversed early gains, closing lower on Tuesday as disruptions caused by U.S. President Donald Trump’s newly announced tariffs eclipsed concerns about weather-related supply issues from major supplier Australia. The new 25% tariffs on steel and aluminum imports into the US are set to take effect on March 12, 2025, following the executive orders signed by President Donald Trump on Monday. The U.S. tariffs on steel and aluminum are anticipated to have a minor yet negative direct effect on the Baltic Dry Index (BDI), particularly impacting the panamax and handysize bulk carrier segments. Although the US has sufficient domestic production capacity to substitute all imports, a 25% tariff may not be enough to completely replace imports. The Baltic Panamax Index (BPI) declined by 17 points to 1,011 points, while average daily earnings for panamax bulk carriers, which generally transport 60,000-70,000 tons of coal or grain, decreased by $147 to $9,101. In contrast, smaller bulk carriers saw some positive movement; the Baltic Exchange Supramax Index (BSI) rose 16 points to 710 points, reaching its highest point in more than three weeks.
11-February-2025
Baltic Dry Index (BDI), which monitors rates for ships transporting dry bulk commodities, experienced a decline on Monday due to lower rates for larger bulk carriers. The Baltic Dry Index (BDI), which includes rates for capesize, panamax, and supramax bulk carriers, dropped 6 points to 809, ending a six-session winning streak. The Baltic Capesize Index (BCI) decreased by 30 points to 810 points. Average daily earnings for capesize bulk carriers, typically used to haul 150,000-ton cargoes like iron ore and coal, fell by $248 to $6,716. Iron ore futures saw an uptick on Monday, recovering from earlier losses prompted by U.S. President Donald Trump’s recent tariff threats. This recovery was bolstered by signs of renewed demand in China, the top consumer, and decreasing shipments from major suppliers. U.S. President Donald Trump announced on Sunday plans to impose an additional 25% tariff on all steel and aluminum imports into the U.S., adding to the existing metal duties in a significant intensification of his trade policy revamp. The Baltic Panamax Index (BPI) decreased by 7 points to 1,028. Average daily earnings for panamax bulk carriers, which generally transport 60,000-70,000 tons of coal or grain, declined by $70 to $9,248. Meanwhile, among smaller bulk carriers, the Baltic Supramax Index (BSI) rose by 17 points to 694, marking its fifth consecutive session of gains.
7-February-2025
Baltic Dry Index (BDI) climbs for the fifth consecutive session due to stronger panamax and supramax bulk carrier rates. The Baltic Exchange’s dry bulk sea freight index, which tracks shipping rates for vessels that transport dry bulk commodities, increased for the fifth consecutive session on Thursday, driven by improvements in the panamax and supramax bulk carrier sectors. The Baltic Dry Index (BDI), which includes rates for capesize, panamax, and supramax bulk carriers, rose by 22 points to 793 points, reaching a peak not seen in over two weeks. The Baltic Panamax Index (BPI) rose by 41 points to 1,029 points, marking its highest level since January. Average daily earnings for panamax bulk carriers, which typically transport 60,000-70,000 tons of cargo like coal or grain, went up by $364 to $9,259. The Baltic Supramax Index (BSI) increased by 30 points to 649 points. Iron ore futures rebounded higher on Thursday, buoyed by a weaker dollar and supply issues in Australia, while the market awaited new developments in the trade conflict between the United States and China, its largest consumer. The Baltic Capesize Index (BCI) remained steady at 812 points. Average daily earnings for capesize bulk carriers, usually used to ship 150,000-ton cargoes of commodities such as iron ore and coal, saw a marginal decrease of $1 to $6,733.