Dry bulk freights were showing signs of improvement at the time of writing after sustained losses in late March and[ds_preview] early April. The Baltic Dry Index had slipped below 1,000 points but has meantime recovered to over 1,200 points. Capesize tonnage experienced the greatest volatility, dragged down by a lack of long-haul iron ore business on the Brazil/China run. During week 16, the market in the Atlantic bounced back helped by a drop in tonnage ballasting in from Asia, with average time charter earnings for capes moving up towards $14,000 again.
Panamax, supramax and handy vessels were struggling as well. Coal shipments ex Russia and the US East Coast remained a source of support for panamaxes but grain cargoes ex East Coast of South America and coal business in the Pacific were lacking. Fresh news about growing coal import restrictions in China are causing additional concerns among panamax owners. The slowdown in business for supramaxes was most severe in the US Gulf where spot TC earnings for trips to the east fell sharply by several thousand dollars.
Bucking the trend in the wider dry cargo market, time charter rates for multipurpose ships continued to firm: The Toepfer MPP index for 12,500 dwt F type-vessels rose in April by $230 to 7,185 $/day (basis 6/12 months).
