Dry Bulk Market Commentary April 15-19, 2024

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Dry Bulk Market Commentary April 15-19, 2024

Holidays have a significant impact on every sector, including the maritime industry. Last week, observed changes in ship freight rates once again highlighted the dynamic nature of the market.

Significant Drop on the Azov-Marmara Route

Particularly on the Azov-Marmara route, 3,000-ton vessel freights dropped from a pre-holiday level of $38-39 per ton to $25 per ton during the holiday. Rates on the Rostov-Marmara route also decreased from $41 per ton to $37-38 per ton. These reductions can be interpreted as a result of decreased commercial activities during the holiday period.

Stability Continues: Steel and Wheat Transport

On the other hand, in the conventional coaster market, freight rates for steel transport on the Novorossiysk-Marmara route remained stable at $21-22 per ton. Wheat transport rates also maintained stability at $22-23 per ton. The lack of expected holiday impact on these routes suggests that some market segments may be more resilient.

Signs of Recovery in Large Tonnage Vessels

For large tonnage vessels, the Baltic Dry Index (BDI) rose from 1,570 points to 1,919 points, breaking the downward trend. This recovery was notably influenced by Capesize and Panamax tonnages, and supported by increases in Supramax and Handysize tonnages. The Baltic Supramax Index (BSI) rose from 1,261 points pre-holiday to 1,394 points this week.

Continued Activity in the Ship Sale Market

Significant transactions occurred in the ship sale market over the last two weeks. Particularly in the Ultramax tonnage, a 2020 Japanese-built "Aries Sumire" changed hands for $36.3 million, and a 2022 Chinese-built "World Royal" sold for $35 million. Older tonnages also maintained their presence in the market; a 2002 Japanese-built "Singapore" sold for $7.1 million, and a similarly aged "Salvador" found new owners for $7.7 million.


Holiday periods can increase volatility in the ship freight markets; however, during these times, some routes and tonnages continue to show resilience against market fluctuations. The activity in ship sales highlights the dynamic nature of the sector and how investors capitalize on opportunities. The future trajectory of the market will depend on both economic conditions and global trade dynamics.