Fearnleys Dry Bulk Market Report

Capesize A bit of a slower week. Activity level have dropped, though the rates do still remain firm. After a few weeks with steadily increasing rates and activity, it now seems the market have stabilized at present level. Some of the vessels that been idle have now started trading again due to more acceptable freight levels. This will have an impact on the market, but for now it seems to keep up well. Owners are a bit more encouraged and some are testing the market for 1 year period asking closer to the 10k mark again. A level we have not seen more a long time. Presently no takers at that level, but it shows there are a bit more optimism in the market. Panamax Northern Atlantic is still quite firm for early ships. Charterers still have to pay arnd 8 for t T/A rounds, but will it continue.? We feel the week has been fairly active with new orders in the market in both hemispheres. Nopac, Aussie and Indo rounds in the mid 5’s average, good vessel's get mid 6 but seems toppish mid week. Furthermore, ECSA grain charterers are still active, taking ships for front haul at healthy levels USD 7300 + 230-240 k level. The question is whether this grain driven trend will continue or keep or cease within 1-2 weeks. Some short periods concluded in the low/mid 5’s and good Kamsarmaxes get 5750 for 1 year now. Supramax There are several different Supra markets this week. The Continent is commanding premiums with vessel ballasting out of the Med towards the Continent. The East coast of South America is faltering on the near end of the curve, and the USG is driven by petcoke. The far east is still flattish despite reasonable volume. Period levels in the Atlantic are significantly higher than in the Pacific, but volume is thin. In general the forward curve is falling.