Spot market earnings for capesize bulk carriers more than doubled over the last four weeks (between mid-July and mid-August) to over $19,000 $/day on average for time charter trip business in the dry cargo market.
The firmer trend came on the back of increased tonnage fixing by [ds_preview]iron ore charterers into China and coincided with an upward push in iron ore prices (62% FE cif China) in the mid 70 $/t range. Some port congestion in Brazil and Australia reportedly offered support as well.
Panamax bulk carriers recorded a modest increase as well, driven by continued stable tonnage demand on the East Coast of South America, emerging grain flows ex US Gulf and grain shipments from the Black Sea region. Brokers also reported a rise in coal liftings for panamaxes from the US East Coast and sustained high period interest from charterers.
Supramax and handysize types, by contrast, were struggling and failed to maintain earnings levels. The latest trend looks more favourable, though, with growing tonnage orders in the US Gulf driving rate increases for supramaxes. (mph)
