Dry Bulk Market Update Capesize Stable, Panamax Softens, Supramax Mixed As Baltic Index Climbs

The dry bulk market showed a mixed picture this week, with Capesize activity holding firm, Panamax rates facing downward pressure, and Supramax performance diverging between the Atlantic and Asia.

The Baltic Dry Index (BDI) rose by 85 points to 2,120, supported largely by improvements in the larger segments. Meanwhile, 1-year time charter rates saw a jump for Newcastlemax and Capesize vessels, while Panamax and Ultramax sectors softened slightly.

Capesize: Stable Enquiries, Firmer Mid-Week Fixings

In the C5 Pacific market, early August dates attracted steady activity from miners, operators, and tenderers. Peripheral markets, including East Australia, maintained a decent flow of inquiries. In the Atlantic, C3 routes ex-Brazil and West Africa saw limited first-half August interest, with more focus on second-half August to early September dates.

Spot tonnage in the Pacific was mostly balanced against cargo demand, but ballaster tonnage for early August is thinning, while late August/September availability is building. The C5 route concluded at around $10/ton, and C3 fixtures closed near $24/ton for mid-August.

• Australia/China: $10.05/ton (+$0.49)

• Pacific RV TCE: $16,464/day (+$1,496)

• Capesize TCE Cont/Far East: $38,125/day (+$312)

Panamax: Market Softens on Oversupply and Sluggish Demand

The Panamax market showed signs of weakening across both basins. While the North Atlantic saw some support from fronthaul cargo, a buildup of tonnage and low fresh cargo capped upside momentum. The South Atlantic was particularly weak for second-half August, with an increase in ballasters weighing on rates.

The Pacific basin faced slower activity and ample prompt tonnage, keeping sentiment flat to soft. Traders remain cautious, and position-driven strategies dominate until clearer direction emerges.

• Transatlantic RV: $21,241/day (+$164)

• Far East RV TCE: $14,189/day (–$173)

• Far East/Cont TCE: $8,690/day (–$89)

• Panamax 1-year T/C (75′): $14,000/day (–$500)

Supramax: Mixed Sentiment with Asian Support

The Supramax sector experienced mixed performance. In the Atlantic, weaker demand from the US Gulf and South America pushed rates lower. There was some limited support from Continent–Mediterranean regions, but new activity remained thin.

In contrast, Asia maintained stable momentum, supported by North and South Asian cargo flows. The period market was active, with several fixtures noted, suggesting forward confidence.

• Transatlantic RV: $18,336/day (–$911)

• US Gulf–China/S. Japan: $24,364/day (–$1,504)

• S. China–Indonesia RV: $14,456/day (+$37)

• Supramax 1-year T/C (58′): $13,050/day (–$200)

Time Charter Market: Capesize and Newcastlemax Lead Gains

1-year time charter rates reflected a stronger outlook for larger vessels:

• Newcastlemax (208′): $26,100/day (+$2,100)

• Capesize (180′): $22,100/day (+$2,100)

• Kamsarmax (82′): $15,500/day (–$500)

• Ultramax (64′): $14,000/day (–$500)

• Handysize (38′): $11,000/day (no change)

The gains in Capesize and Newcastlemax T/C rates indicate improving sentiment for larger segments, possibly linked to improving demand on long-haul iron ore routes.

The dry bulk market remains positionally driven, with Capesize showing strength on steady Pacific demand and tighter early-August tonnage. Panamax remains under pressure from oversupply and sluggish demand, while Supramax shows regional divergence, with Asia faring better. The uptick in the Baltic Dry Index and time charter rates for larger vessels suggest underlying optimism, especially in the larger segments.