As it was anticipated last week, dry bulk markets were volatile. The Capesize segment ended the week just a few points above the previous week after a mid week downward correction. Panamaxes have regained the ground lost over the past three weeks, but a slowdown in activity was felt during the last two trading days. The HandyMax market remains firm, as it has been since early February. Record-breaking prices have been achieved for yard-resale transactions with prompt deliveries now approaching US$36m for a super-HandyMax. Also a record breaking chartering deal by a Cape newbuilding fixed for 11/13 months at US$80,000/per day has been reported.
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Panamax activity was reduced out of Richards Bay but this was mainly due to the downward pressure on the Capes following force majeure problems in Australia.
As a result of last week’s increasing rates in the Capesize and Panamax markets (except for the US Gulf), the Handy–Handymax rates have firmed up after a short week of correction/stabilisation. The Far East market has been more active although still softer than the Atlantic where vessels seem to be waiting for the grain exports to start.
A 48,000dwt newbuilding delivered Far East was fixed for two years trading redelivery world-wide at an average rate of US$31,000 daily.

Week ending: 14/03/2004
Source: Barry Rogliano Salles Shipbrokers