Supramaxes, especially geared ones, are hot property this week with rates the envy of all other bulk classes as strong demand in both basins propels earnings.
Broker Fearnleys has recorded an all-time high count of vessels heading to load and discharge countries in the North Atlantic. At the same time, demand is recovering strongly in Asia.
“This combination of increasing demand and a ‘wrongly’ positioned fleet is what is causing the extremely sharp upturn,” Fearnleys noted in a weekly report.
The five-day change of the the Baltic Exchange’s 10TC weighted time-charter average index was the highest ever as per yesterday’s index closing.
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“The geared dry bulk market is on fire, with seemingly little stopping the frenetic upturn, coming unexpectedly as it always seems to do but underpinned by a seasonal dimension,” a report from Lorentzen & Co stated, adding: “Pacific activity is strong, as is business out of the US Gulf and East Coast South America. Minor bulks and major bulks like grain and coal are being moved, and the tonnage balance is quickly firming up in both basins.”sunfish