Backhaul trades are garnering premiums to the index, according to US-based company. ‘It’s not business as usual,’ says chief executive Gary Vogel

The market has now overtaken the panamax, supramax and handysize segments which had surpassed daily earnings for the capesizes over the last few months

US bulker owner plans to focus on dividends and clearing debt

Activity emerging from Brazil has a part to play in the more positive sentiment, with spot rates gaining 50% in a week to the highest in a month

The average weighted time charter is at $14,209 per day on the Baltic Exchange from $15,789 on February 10. The market is still lacking sufficient volumes from Brazil as more activity from West Africa and Australia is reported

Capesize value continues to erode given Brazilian iron ore shipment issues in what is traditionally a weak quarter, exacerbated by the upcoming Chinese New Year and Winter Olympics

Brazil’s early harvest could be a boon to the panamax bulker segment in the coming weeks as export volumes are predicted to surpass last year’s record

Limited activity from Brazil sends spot capesize rates tumbling to below this time last year, although earnings are still above 2020 levels

Average spot capesize rates shed 18% this week, while panamaxes lost 10%. The first quarter is typically the weakest in the dry bulk market

The average weighted time-charter on the Baltic Exchange has shed 31% this week, having reached a six-week high a week ago. Both supramaxes and handysizes closed the day higher than the largest bulker size

While average rates will be lower than this year, volatility will continue, although the range for capesizes may be tighter, analysts say

Daily spot rates for panamaxes advanced by 20% over the past week, followed by capesizes, which increased by 11%, although the gain here seems to be tapering off