MID-SHIP Report: Dry Bulk Freight Market – Nov 14, 2024

November 14, 2024

The Capesize market continues to enjoy improvements daily through a combination of advantageous vessel count and China prewinter restocking.

Transatlantic round voyage rates increased by $3,300 per day overnight, reaching an impressive $25,600 per day, as assessed on average, and are said to be higher in the physical spot market. The benchmark Tubarao to Qingdao route hitting almost $25.00 and front haul in excess of $45,800.

Despite the US observance of Veterans Day and France’s Armistice Day holiday, for Panamax, this week began with increased activity, particularly in the Pacific Basin. Over the past month, the Panamax Time Charter Average has dropped by about 25%, or $3,000 USD, while sentiment is mixed the feeling was expressed we may have found a bottom.

Rates in the Atlantic Supramax market have come under pressure across all regions in the last two weeks as levels have been fixing lower than last done across most trade lanes. The US Presidential Election slowed down an already sluggish Global trade as the world awaited the outcome. Owners have ballasted their vessels to the USG over the last several weeks from other weaker markets and forced rates out of the region lower. Lack of fresh front haul cargoes and more competitive freight on Panamax vessels pushed front haul rates lower than transatlantic business. Supra/Ultra’s in the Pacific have declined over the past two weeks. Holidays and lower volume caused rates to reach some of the lowest levels for 2024.

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