The dry bulk market is experiencing an upward trend after a challenging month across all vessel sizes.
Larger vessels, particularly capesizes, are spearheading this recovery, driven by rising iron ore demand from China and a decrease in the number of available ships.
The Baltic Capesize Index (BCI) surged by 12.57% in the past week as we near the end of April. The five-year charter rate for 180,000 dwt capes closed the week at $15,667, up from $13,774 last Tuesday.
Panamaxes
At the same time, there has been a notable increase in demand for panamax vessels.
With limited supply and a robust volume of cargo awaiting transport, the BPI index recorded a nearly double-digit rise of 9.35% this week.
The Atlantic market garnered attention last week, likely aided by the reduction of US tariffs ahead of Easter.
Strong demand across the basin had a significant effect on prices.
Handysize Bulk Carriers Remain Steady
In the handysize segment, the market has remained stable, although a slowdown in economic activity in major trade areas has tempered growth.
Activity in the South Atlantic continued at a steady pace, with cargo volumes remaining consistent and bolstered by new demand, leading to a slight increase in prices.
For instance, a 36,000 dwt vessel traveling from Southern Brazil to continental Europe was chartered at $13,500.
