Firmer Sentiment / Ballasters Dropping below 12m avg: Ballasters Vs Baltic Rates
pril ends with firm sentiment in both Capesize and Panamax segments. On the C3 route, freight levels are supported by ballaster counts trending below the 12-month average. In Panamax, low ballaster availability across the P1/P2/P7 routes signals an undersupplied market, underpinning current rate strength.
The Baltic Dry Index is approaching 2,700 points, with gains recorded across all sub-indices: Capesize leading at +117.4% YoY, followed by Supramax +58.2%, Handysize +41.8%, and Panamax +40.9%.
Capesize C3 / Panamax P7 | Firmer
C3 Tubarao–Qingdao / P7 US Gulf–Qingdao grain
Capesize C3 / Panamax P7
C3 | Tubarao to Qingdao | 33.12 $/MT | Day: +0.09 | Week: -0.28 | Year: +13.27
P7 | US Gulf to Qingdao grain | 68.69 $/MT | Day: +0.01 | Week: -0.78 | Year: +22.37
Supramax S4A / Handysize HS4_38 | Firmer
S4A US Gulf trip to Skaw-Passero / HS4_38 US Gulf trip via USG or NCSA
Supramax S4A / Handysize HS4_38
S4A | US Gulf trip to Skaw-Passero | 28,100 $/day | Day: -143 | Week: +1,379 | Year: +14,021
HS4_38 | US Gulf trip via US Gulf or North Coast South America | 14,071 $/day | Day: +392 | Week: +1,600 | Year: +3,850
C5 West Australia–Qingdao
C5 | West Australia to Qingdao | 13.20 $/MT | Day: +0.17 | Week: -0.32 | Year: +5.13
Panamax P5_82 / Supramax S10 | Firmer
P5_82 South China, Indonesian round voyage / S10 South China trip via Indonesia
Panamax P5_82 / Supramax S10
P5_82 | South China, Indonesian round voyage | 20,244 $/day | Day: +413 | Week: +1,772 | Year: +8,863
S10 | South China trip via Indonesia to South China | 17,668 $/day | Day: -216 | Week: +1,305 | Year: +5,832
We take a closer look at the basins of ballast count increases per vessel size segment.
Ballasters are rising in the Indian Ocean/SA to more than 160 (+8% WoW), while in Australasia the count has sustained at 200.
Atlantic basins are surging. NATL up +38% WoW and SATL up +32% WoW, while FEAST/NOPAC basin shows modest growth.
The North Atlantic basin is surging with the count up +40% WoW and FEAST/NOPAC up +20% WoW.
Ballasters are surging in the Atlantic and Pacific, with NATL and SATL leading at +31% and +33% WoW. The Indian Ocean is growing at a more measured pace of +9%.
DEMAND | TONNE MILES – 7D MA – INDEX VIEW
Capesize ↓ 0.9% WoW | Panamax ↓ 1.5% WoW | Supramax ↓ 0.3% WoW
Tonne Miles — Base 100 Index
By the end of April, Supramax and Panamax are losing momentum, while Capesize is showing a renewed upward trend. Despite the recent softening, both Capesize and Panamax indices remain above the 100% threshold, indicating still-elevated demand levels, whereas Supramax continues to lag below.
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