The dry bulk market remained largely stable across most vessel segments during the week.

However, the double-digit decline recorded in the Capesize sector weighed heavily on the overall market, pushing the headline index lower. Below is a detailed review of market developments by vessel segment and trading region.

More specifically, Capesizes declined by 16.05%, while Kamsarmaxes gained 2.11%, Ultramaxes (63,000 dwt) increased by 3.42%, and Handysize vessels advanced by 6.79% compared with the previous week. As a result, the Baltic Dry Index (BDI) fell by 252 points week-on-week, closing at 2,729 points on Friday, June 12.

A closer look at the dry bulk market by vessel size follows, beginning with the Capesize sector.

Capesize

In Asia, pressure on owners remained significant throughout the early part of the week, as major mining companies remained relatively inactive and only a limited number of spot cargoes emerged in the market. The Australia–China route (C5) closed on Friday at USD 10.89 per tonne.

In the Atlantic Basin, market conditions were noticeably firmer compared to Asia, with improvements becoming increasingly evident during the second half of the week. In particular, the North Atlantic experienced stronger demand for voyages to Asia. By Friday, the Brazil–China route (C3) stood at USD 35.46 per tonne, while rates for Europe–Asia voyages (C9) closed at USD 72.89k per day and Transatlantic Round Voyages (C8) at USD 45.25k per day.

Kamsarmax

The Atlantic market posted gains in both the northern and southern regions. In the North Atlantic, stronger demand for Asia-bound employment provided support to transatlantic business as well. A similar trend was observed in the South Atlantic, where several fixtures were concluded at firmer levels, while the limited availability of prompt tonnage offered additional market support.

Indicatively, rates from the East Coast South America (ECSA) to the Far East were assessed at USD 21,000–23,000 per day (delivery Asia), while Europe–Far East business was concluded at USD 29,000–31,000 per day (delivery Europe). Transatlantic round voyages were reported at USD 18,000–20,000 per day (delivery Gibraltar).

In Asia, the week began on a softer note. However, market sentiment gradually improved, driven initially by Indonesian cargoes and subsequently by Australian coal shipments to China. Conversely, activity in the North Pacific remained subdued. Rates for Southeast Asia/Far East round voyages were reported at USD 19,000–21,000 per day (delivery Far East).

Ultramax

In Southeast Asia, market fundamentals remained balanced as cargo availability matched vessel supply, resulting in fixtures being concluded at levels broadly unchanged from the previous period. Ultramax rates for voyages between Southeast Asia and the Far East were assessed at USD 18,500–20,000 per day.

Further north in the Far East, the market remained steady, supported primarily by backhaul demand, followed by North Pacific activity. Ultramax rates for NOPAC round voyages were reported at USD 17,000–18,500 per day, while voyages to India achieved USD 22,500–24,000 per day. Backhaul business to the Atlantic commanded USD 18,500–20,000 per day.

In the Middle East Gulf (MEG) and West Coast India (WCI), the market improved on the back of increased cargo volumes from Oman. Additional support came from South Africa, which continued to provide an attractive alternative employment option for owners. Rates for voyages to the Far East ranged between USD 16,500 and 18,000 per day (delivery WCI).

In the Atlantic, and particularly in the U.S. Gulf, the week commenced with limited prompt tonnage availability. However, the completion of most cargo programs kept the market relatively balanced. Towards the end of the week, additional cargoes with late-June loading dates emerged, improving overall sentiment.

Ultramax transatlantic voyages were fixed at USD 29,500–31,000 per day, while Asia-bound business achieved similar levels.

The ECSA region strengthened across most trading routes as vessel availability remained limited. At the same time, cargo flow remained healthy for both transatlantic and Asia-bound employment. Rates to Southeast Asia and China were assessed at USD 34,500–36,000 per day, while transatlantic voyages to the Mediterranean and Europe achieved USD 30,000–31,500 per day.

The European market initially showed signs of weakness but subsequently improved as demand and activity increased across the main trading routes. Rates for local round voyages were reported at USD 20,500–22,000 per day, scrap cargoes to the Mediterranean at USD 24,500–26,000 per day, and voyages to Asia at USD 24,000–25,500 per day.

The Mediterranean market strengthened on the back of increased demand. A significant volume of fresh cargoes absorbed previously available tonnage, stabilizing and improving freight levels. Indicatively, an Ultramax employed from the Mediterranean to Asia was fixed at USD 20,500–22,000 per day (delivery Canakkale), while transatlantic employment achieved USD 10,500–12,000 per day and intra-Mediterranean voyages USD 13,000–14,500 per day (excluding war-risk areas).

Handysize

The European market remained active, supported by a steady flow of cargoes and a healthy volume of fixtures for the second half of the month. Rates for the larger vessels of the segment were reported at USD 12,500–14,000 per day for round voyages, USD 15,000–16,500 per day for scrap cargoes into the Mediterranean, and USD 8,500–10,000 per day for transatlantic employment.

The Mediterranean market displayed a positive trend, as vessel supply remained below demand levels. Strong interest was particularly evident for voyages to West Africa. Rates for larger Handysize vessels (above 36,000 dwt) were assessed at USD 8,000–9,500 per day for intra-Mediterranean voyages, USD 7,000–8,500 per day for voyages to Europe, USD 6,500–8,000 per day for transatlantic employment, and USD 11,000–12,500 per day for Asia-bound business, all basis delivery Canakkale.

In the U.S. Gulf, activity was initially limited but gradually improved as the week progressed, primarily driven by regional Caribbean business. As a result, freight levels remained broadly unchanged from the previous period. Rates for larger Handysize vessels were reported at USD 18,500–20,000 per day for transatlantic voyages and USD 19,000–20,500 per day for voyages to Asia.

The East Coast South America (ECSA) market began the week quietly before activity gradually returned. Overall, a balanced relationship between supply and demand prevailed. Towards the end of the week, the strengthening observed in larger vessel classes provided additional support to the Handysize segment. Rates for transatlantic voyages to Europe and the Mediterranean were assessed at USD 22,000–23,500 per day, while Asia-bound employment achieved USD 20,500–22,000 per day.

In Asia, significant improvements were recorded in both northern and southern regions, particularly during the second half of the week, supported by increased cargo volumes from China, Indonesia and Australia. Further west, India remained largely unchanged, with market conditions characterized by a balanced supply-demand environment.

Rates for larger Handysize vessels on Far East and NOPAC round voyages were reported at USD 17,000–18,500 per day, while voyages from Southeast Asia to China achieved USD 19,500–21,000 per day. West Coast India–China business was fixed at USD 9,500–11,000 per day.