The average rates went up 9% to $14,442 per day; the highest level since mid-December 2022. It was a quite slow week, something which is expected to be the continued trend until the market hopefully sees an increasing trend beyond 2023.
The Capesize market began as it ended last week, with a positive trend. During the week it flattened somewhat. The average spot market rate increased to $16,914 per day, the highest level yet this year.
The week was rather turbulent in the Atlantic, as new cargoes slowed down as well as the FFA market was weakening and volatile. In the East there was a generally disappointing low level of new shipments which meant that shipowners came under pressure towards the end of the week. The segment ended by falling 3% to an average of $16,000 per day.
The handymarket had a really good week in the Atlantic, but it remains to be seen if it’s a trend, given that most of the March cargoes have been covered already. The shipowners are therefore focusing on covering themselves with April cargoes in the light of the positive market trend. In the East the market was largely driven by an increase in coal out of Indonesia as well as congestion in the ports taking up a good part of the capacity.