Panamax registers record high for the year, but rest remains mixed
The Baltic Dry Index remained virtually flat since 25 April, climbing from 1137 to 1156 on 9 May, but then falling back to 1137 one week later.
The Capesize market noted little movement this week with prices between Richards Bay and Rotterdam largely stable at US$8.30/t between 25 April and 16 May, only peaking at US$8.40/t last week. Fearnleys reported that the Atlantic bubble burst and the market fell back to US$8000/day. TCT Continental/Far East rates did note some improvement though and increased from US$25,000/day to US$28,200/day since 25 April.
In the Panamax segment, freight rates between 25 April and 16 May peaked during the first week of the period with transatlantic RV and TCT Far East RVs noting highs of US$16,300 and US$12,300/day, respectively – the highest so far this year. The upturn can be attributed to coal cargos from India and China. By mid-May, prices had fallen back to US$12,500 and US$8500/day, respectively. The Pacific Basin was particularly affected as it registered a 33% decline, while in the Atlantic 23% was shaved off the peak price.
Handysize rates in the Atlantic firmed up during the 25 April-16 May period from US$11,850 to US$13,250/day RV Atlantic contracts. However, the Pacific market noted a more mixed price adjustment with RV Pacific rates falling from US$10,650/day to US$9250/day while TCT Continental/Far East charters were contracted at an increasingly higher price, rising from US$16,650 to US$18,500/day.