By Iakovos (Jack) Archontakis

Senior Maritime Strategy Consultant - Chartering Executive & TMC Shipping  Commercial Director

and
Dr. Fotios-Evangelos Karlis
Maritime Executive & Shipping Consultant

 

The dry bulk market ended the past week on a calm note, maintaining a steady course amid moderate fluctuations across vessel sizes. Of the four key segments, only the Capesize sector stayed on a positive trajectory, while the others faced minor declines.

Specifically, Capes gained +2%, while Kamsarmaxes fell -5.35%, Ultramaxes slipped -3.14%, and Handies dropped -3.56%. The Baltic Dry Index (BDI) shed 25 points, anchoring on Friday, October 31, at 1,966 points.

Despite these modest adjustments, the broader picture reflects a market that remains balanced—steering steadily through a sea of volatility and global uncertainty.

In the Pacific, the consistent presence of the mining majors in the latter half of the week provided a lift to freight levels. The benchmark Australia–China (C5) route closed at $9.28 per tonne, signaling resilient demand for raw materials that continues to fill the sails of the Capes.

Across the Atlantic, sentiment was equally buoyant. Activity strengthened both north and south of the equator, with optimism reinforced by positive developments in U.S.–China trade relations and tariff stability.

Freight rates for Brazil–China (C3) voyages reached $23.31 per tonne, Europe–Asia (C9) at $45,640 per day, and Transatlantic round voyages (C8) at $23,340 per day.

Despite occasional crosswinds, the “giants” of the dry bulk fleet remain on a solid horizon—steady, resilient, and commanding the deep-sea trade lanes

After an energetic start, the week ended more subdued for Kamsarmaxes, as excess tonnage gradually accumulated. Yet losses were kept in check, suggesting a market that is pausing rather than retreating.

Rates for East Coast South America (ECSA) to Far East trips stood at $17,500–19,500/day, Europe–Asia at $23,500–25,500/day, and Transatlantic rounds at $16,500–18,500/day (delivery Gibraltar).

In Asia, momentum softened toward week’s end as India celebrated Diwali, limiting new activity. Fewer fresh cargoes and more open tonnage brought about a gentle easing, with regional round voyages paying $17,500–19,500/day.

Overall, the Kamsarmax market appears to be in a holding pattern—a reminder that in this segment, timing and precise route selection remain the true compass of profitability. For owners and operators who strategize with foresight, there is still fertile ground to chart growth.

In Southeast Asia, a shortage of fresh stems slowed activity, with freight rates easing to $14,500–16,000/day for intra-regional trips. Further north, additional tonnage weighed on the Far Eastern market, pushing rates lower.

The North Pacific (NOPAC) rounds concluded at $14,000–15,500/day, trips to India at $15,000–16,500/day, and backhaul voyages to the Atlantic at $13,000–14,500/day.

The Middle East Gulf and West Coast India remained largely unchanged, showing small corrections but a gradual improvement from South Africa. Eastbound trips paid $12,500–14,000/day, short regional voyages $13,500–15,000/day, and westbound (Atlantic) legs $11,500–13,000/day.

In the U.S. Gulf, owners’ expectations collided with charterers’ resistance, slowing the flow of fixtures. Rates held steady at $24,500–26,000/day for both Transatlantic and Far East routes. Meanwhile, the ECSA saw limited demand but better numbers to Southeast Asia–China ($26,000–27,500/day) and Europe/Mediterranean ($22,500–24,000/day).

In Europe, weaker demand kept rates lower. Local trips fetched $19,000–20,500/day, scrap cargoes to the Mediterranean paid $23,500–25,000/day, and Far East runs stood at $22,500–24,000/day.

The Mediterranean softened further as the first half of November brought fewer new cargoes. Voyages to Asia closed at $21,000–22,500/day, to the Atlantic at $11,000–12,500/day, and intra-Med trips at $13,500–15,000/day (excluding conflict zones).

The Supramax and Ultramax segments may be experiencing gentle corrections, yet the underlying stability suggests a market adjusting its sails—not drifting off course. Strategic navigation remains the differentiator between survival and sustainable success.

In Europe, the week began with a downward drift as rising vessel availability pressed freight levels further down. The outlook for November remains cautiously pessimistic.

Indicatively, larger Handies achieved:

$17,000–18,500/day for round voyages

$20,000–21,500/day for scrap cargoes to the Mediterranean

$14,000–15,500/day for Transatlantic sailings

The Mediterranean market maintained steady activity, driven by Black Sea grain exports that helped balance tonnage supply. Handies above 36,000 DWT earned:

$11,500–13,000/day for intra-Med routes

$12,500–14,000/day toward Europe

$10,500–12,000/day across the Atlantic

$15,500–17,000/day toward Asia

In the U.S. Gulf, the increased number of open ships applied slight downward pressure. Rates hovered around $19,000–20,500/day to the Atlantic and $17,000–18,500/day to Asia.

The ECSA market fell sharply as available tonnage far exceeded demand, with rates settling at $19,500–21,000/day to Europe/Mediterranean and $17,500–19,000/day to Asia.

Across the Asian basin, northern regions retained their momentum thanks to strong steel cargo activity, while the south remained balanced. In the Middle East Gulf and India, owners lowered their ideas to remain competitive. Rates stood at $13,000–14,500/day for NOPAC rounds, $13,500–15,000/day from Southeast Asia to China, and $7,500–9,000/day from West India to China.

Interpreting the Currents – and Setting the Course Ahead

The dry bulk market, while seemingly tranquil, is far from static. Beneath the surface, new currents are forming: seasonality, trade policies, commodity flows, and geopolitical dynamics continuously reshape the seascape of opportunity.

For shipowners, charterers, and investors alike, the true art lies in reading the weather before the storm breaks. Success in this arena requires more than data — it demands strategic perception, nautical intelligence, and a deep understanding of what might be called the psychology of shipping.

In an era when stability is the new aspiration, expert maritime guidance is no luxury—it is the rudder that keeps your fleet and strategy on course. The right counsel can transform uncertainty into advantage, and volatility into growth.

The dry bulk sector continues to sail through relatively calm seas—occasional ripples, yes, but no sign of a storm. Those who know how to read the winds, interpret the barometer, and act with strategic timing will find opportunities on the horizon.

In this maritime odyssey, the destination belongs to those who navigate with insight, adaptability, and the right partners at their side.

This report is provided solely for general informational purposes and does not constitute investment or commercial advice. The information herein is based on sources believed to be reliable but is not guaranteed for accuracy or completeness. Any actions taken based on this content are the sole responsibility of the reader.