Dry Bulk Trends

The dry cargo freight market saw a 15 point decline in the Baltic Panamax Index to 1,595, which was largely caused by a change of sentiment in the Atlantic, brokers said.

March tonnage in the U.S. Gulf was struggling to obtain previously fixed levels and rates to the Far East in particular were lower, they added. Capesize rates remained steady but handy sizes were in stronger demand world-wide and there were signs that the hitherto depressed Atlantic market was improving for owners.

The Baltic Dry Index (BDI) dipped four points to 1,645 on March 14, while the Baltic Capesize Index gained four points to 2,241 and the Baltic Handy Index was unchanged at 1,110.

The weakness of the prompt South American market was illustrated by the fact that the 1987-built Michele Iuliano 64,800 dwt ballasted from Imbituba to fix coal from South Africa.

Despite modest levels, brokers said that the market for Handysizes was getting firmer in both the Atlantic and the Far East.

The demand for Capesizes remained strong in the Pacific, brokers said. - (Reuters)