Dry bulk freight rates remain supported on bullish sentiments

Freight rates for shipping dry bulk commodities in Supramax and Capesize vessels remained supported 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 $11.5- 12.5/tonne (t) as against $12/t assessed last week. Capesize vessel freight rates have strengthened this week, while Supramax vessel freight rates have remained largely range-bound.

Asia-Pacific Supramax dry bulk (cargo capacity 50,000-55,000 t) freights rise amid bullish sentiment and increased fuel prices.

According to sources, there is a sense of optimism in the market at the beginning of the week. There is an increase in activity levels, with charterers showing a strong sense of urgency for immediate needs. Additionally, active deal conclusions to China have pushed up freight rates.

Capesize dry bulk (cargo capacity 160,000-170,000 t) freight rates have seen a gradual increase as a result of the scarcity of available tonnage to transport Brazil cargoes scheduled for early December loading.

"Although trading activity progressed very slowly, leading to a fairly subdued market, sentiment stayed relatively optimistic among market participants amid significant gains in freight derivative rates (FFA) for the session that ended 13 November," a ship broker source informed.