Dry bulk freight rates inch down on weaker market sentiments

Freight rates for shipping dry bulk commodities in Supramax and Capesize vessels inched down this week, as per SteelMint's assessment. The freight rate of an iron ore-loaded Supramax vessel from the east coast of India to China was heard at $13/tonne (t) as against $13-13.5/t assessed last week.

Asia-Pacific Supramax dry bulk (cargo capacity 50,000-55,000 t) freights fell as there is still a lack of demand from China.

With voyage fixtures being done at lower price levels than last week, freight rates have come down w-o-w.

Certain routes continue to experience subdued vessel market sentiments owing to weak demand, with limited fixtures recorded as it was challenging to secure agreements due to charterers offering low bid levels during a firm market.

Capesize dry bulk (cargo capacity 160,000-170,000 t) freights have inched down on slow activity levels. According to sources, the supply side of ships continued to look comfortable for the charterers. The market is indicating that freight rates are less likely to move up and there are possibilities of prices falling.