Dry-bulk freight market surges on robust demand and tightening tonnage supply.
Global supply & demand
The DBPI pressure index has surged to 2449.0, a significant increase of +610 day-over-day, indicating a strong upward momentum in the dry-bulk freight market. The global LSR (laden sailing ratio) stands at 58%, up by +1 percentage point from the previous day, suggesting that more vessels are being utilized for cargo transport. The laden-vs-ballast split shows 366M dwt laden versus 266M dwt ballast, with the world port/sea ratio at 0.54, which is supportive of the current market trajectory. The overall picture suggests a balanced world fleet, with the LSR and port/sea ratio indicating that tonnage supply is being absorbed by strong demand.
Notably, certain tonnage bands such as Kamsarmax are experiencing particularly firm conditions, led by the North Australia to North China route. On the other hand, Handysize vessels are seeing softer conditions at +17% vs balanced. These divergent trends highlight the complexities of the current market, where different segments are being influenced by various regional and cargo-specific factors.
The supply and demand dynamics vary across different tonnage bands and regions, with some areas experiencing tighter tonnage supply and stronger cargo demand than others. The data suggests that the market is in a state of flux, with different segments responding to changing fundamentals and trade patterns.
Band-by-band breakdown
Every tonnage band we track, in size order — its assessed rate, momentum versus a balanced market, and the load regions driving it. A band still accruing enough tracked activity is shown as building.
0-5K — ~$6015/day ($+1403 d/d); 2075 voyages, 4034050 kt-miles tracked
Momentum: +51% vs balanced, +0.4% day, +36.3% week (relative to a balanced market).
RUSSIA — ~$7283/day
Supply/demand — 37 ships open (~132k dwt); inbound ballast 99 vs laden 91; ballast-share 52%; demand-pull rel 1.34; scarcity 0.76. Leading signal — 7-day ballast-pull +11% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Astrakhan (PAI 7.9), Rostov-On-Don (PAI 7.2). Busiest lanes out — RUSSIA→IRAN (25 voyages, ~$8078/day); RUSSIA→WEST TURKEY (21 voyages, ~$8078/day); RUSSIA→NORTH TURKEY (21 voyages, ~$8078/day).
SOUTH NORWAY — ~$7939/day
Supply/demand — 14 ships open (~50k dwt); inbound ballast 13 vs laden 33; ballast-share 33%; demand-pull rel 1.46; scarcity 1.30. Leading signal — 7-day ballast-pull +30% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Floro (PAI 5.7), Rekefjord (PAI 4.8), Husoya (PAI 4.5). Busiest lanes out — SOUTH NORWAY→SOUTH NORWAY (103 voyages, ~$7481/day); SOUTH NORWAY→GERMANY (37 voyages, ~$7481/day); SOUTH NORWAY→NETHERLANDS (20 voyages, ~$7481/day).
SWEDEN — ~$7804/day
Supply/demand — 13 ships open (~52k dwt); inbound ballast 11 vs laden 25; ballast-share 34%; demand-pull rel 1.44; scarcity 1.30. Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Oxelosund (PAI 5.0), Varberg (PAI 4.2), Norrkoping (PAI 4.2). Busiest lanes out — SWEDEN→NETHERLANDS (17 voyages, ~$7511/day); SWEDEN→GERMANY (21 voyages, ~$7511/day); SWEDEN→SWEDEN (45 voyages, ~$7511/day).
VIETNAM — ~$6838/day
Supply/demand — 12 ships open (~48k dwt); inbound ballast 12 vs laden 34; ballast-share 33%; demand-pull rel 1.26; scarcity 1.13. Leading signal — 7-day ballast-pull -43% (ballast interest thinning here (softening)). Busiest lanes out — VIETNAM→PHILIPPINES (13 voyages, ~$7760/day); VIETNAM→VIETNAM (55 voyages, ~$7760/day); VIETNAM→SOUTH BRAZIL (1 voyages, ~$7760/day).
GERMANY — ~$8312/day
Supply/demand — 11 ships open (~40k dwt); inbound ballast 13 vs laden 26; ballast-share 35%; demand-pull rel 1.53; scarcity 1.30. Leading signal — 7-day ballast-pull -28% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hamburg (PAI 18.2), Rostock (PAI 14.4), Brake (PAI 5.9). Busiest lanes out — GERMANY→SOUTH NORWAY (23 voyages, ~$7662/day); GERMANY→NORTH UNITED KINGDOM (22 voyages, ~$7662/day); GERMANY→GERMANY (44 voyages, ~$7662/day).
5-10K — ~$7232/day ($+1581 d/d); 1426 voyages, 8147311 kt-miles tracked
Momentum: +32% vs balanced, -1.7% day, +20.0% week (relative to a balanced market).
RUSSIA — ~$10137/day
Supply/demand — 30 ships open (~212k dwt); inbound ballast 102 vs laden 37; ballast-share 71%; demand-pull rel 1.59; scarcity 0.76. Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 6.6). Busiest lanes out — RUSSIA→NORTH TURKEY (35 voyages, ~$11114/day); RUSSIA→WEST TURKEY (19 voyages, ~$11114/day); RUSSIA→IRAN (10 voyages, ~$11114/day).
WEST INDONESIA — ~$8063/day
Supply/demand — 23 ships open (~172k dwt); inbound ballast 9 vs laden 12; ballast-share 44%; demand-pull rel 1.27; scarcity 1.10. Leading signal — 7-day ballast-pull -36% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Surabaya (PAI 5.5), Jakarta (PAI 3.7). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (14 voyages, ~$7281/day); WEST INDONESIA→BAHAMAS (1 voyages, ~$7281/day); WEST INDONESIA→WEST INDONESIA (57 voyages, ~$7281/day).
USEC — ~$7302/day
Supply/demand — 6 ships open (~44k dwt); inbound ballast 8 vs laden 6; ballast-share 49%; demand-pull rel 1.15; scarcity 0.96. Leading signal — 7-day ballast-pull +100% (empty ships building toward this load zone (firming)). Busiest lanes out — USEC→MID CHINA (1 voyages, ~$6651/day); USEC→SOUTH KOREA (1 voyages, ~$6651/day); USEC→TRINIDAD AND TOBAGO (3 voyages, ~$6651/day).
SOUTH NORWAY — ~$7624/day
Supply/demand — 8 ships open (~54k dwt); inbound ballast 7 vs laden 14; ballast-share 40%; demand-pull rel 1.20; scarcity 1.30. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Rafnes (PAI 4.6), Porsgrunn (PAI 3.8), Mandal (PAI 3.8). Busiest lanes out — SOUTH NORWAY→GERMANY (24 voyages, ~$9433/day); SOUTH NORWAY→SOUTH NORWAY (45 voyages, ~$9433/day); SOUTH NORWAY→NETHERLANDS (14 voyages, ~$9433/day).
VIETNAM — ~$6661/day
Supply/demand — 28 ships open (~186k dwt); inbound ballast 10 vs laden 18; ballast-share 40%; demand-pull rel 1.05; scarcity 0.96. Leading signal — 7-day ballast-pull -9% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 5.7). Busiest lanes out — VIETNAM→PHILIPPINES (15 voyages, ~$9563/day); VIETNAM→VIETNAM (30 voyages, ~$9563/day); VIETNAM→SOUTH KOREA (2 voyages, ~$9563/day).
10-17.5K — ~$9946/day ($+2102 d/d); 486 voyages, 11551339 kt-miles tracked
Momentum: +32% vs balanced, +0.2% day, +26.7% week (relative to a balanced market).
SOUTH JAPAN — ~$13012/day
Supply/demand — 15 ships open (~197k dwt); inbound ballast 31 vs laden 28; ballast-share 51%; demand-pull rel 1.49; scarcity 1.00. Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Fukuyama (PAI 4.2). Busiest lanes out — SOUTH JAPAN→THAILAND (12 voyages, ~$15206/day); SOUTH JAPAN→WEST INDONESIA (3 voyages, ~$15206/day); SOUTH JAPAN→UNITED ARAB EMIRATES (1 voyages, ~$15206/day).
WEST INDONESIA — ~$13948/day
Supply/demand — 8 ships open (~103k dwt); inbound ballast 8 vs laden 9; ballast-share 45%; demand-pull rel 1.60; scarcity 1.29. Leading signal — 7-day ballast-pull -58% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Jakarta (PAI 4.0). Busiest lanes out — WEST INDONESIA→NORTH JAPAN (5 voyages, ~$13327/day); WEST INDONESIA→NORTH CHINA (5 voyages, ~$13327/day); WEST INDONESIA→SOUTH JAPAN (4 voyages, ~$13327/day).
EAST INDONESIA — ~$10597/day
Supply/demand — 4 ships open (~49k dwt); inbound ballast 10 vs laden 15; ballast-share 42%; demand-pull rel 1.22; scarcity 0.97. Leading signal — 7-day ballast-pull +43% (empty ships building toward this load zone (firming)). Busiest lanes out — EAST INDONESIA→NORTH CHINA (8 voyages, ~$14341/day); EAST INDONESIA→SOUTH BRAZIL (1 voyages, ~$14341/day); EAST INDONESIA→SOUTH CHINA (3 voyages, ~$14341/day).
VIETNAM — ~$12069/day
Supply/demand — 14 ships open (~186k dwt); inbound ballast 9 vs laden 9; ballast-share 48%; demand-pull rel 1.38; scarcity 0.99. Leading signal — 7-day ballast-pull +29% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 4.2). Busiest lanes out — VIETNAM→SOUTH JAPAN (9 voyages, ~$12022/day); VIETNAM→UNITED STATES PACIFIC (1 voyages, ~$12022/day); VIETNAM→NORTH CHINA (3 voyages, ~$12022/day).
MID CHINA — ~$12082/day
Supply/demand — 14 ships open (~186k dwt); inbound ballast 13 vs laden 16; ballast-share 46%; demand-pull rel 1.39; scarcity 1.02. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — MID CHINA→EAST INDONESIA (8 voyages, ~$15206/day); MID CHINA→USEC (1 voyages, ~$15206/day); MID CHINA→SOUTH MALAYSIA (3 voyages, ~$15206/day).
17.5-30K — ~$13696/day ($+2359 d/d); 20 voyages, 2945553 kt-miles tracked
Momentum: +44% vs balanced, +0.2% day, +44.4% week (relative to a balanced market).
WEST INDONESIA
Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (6 voyages, ~$18341/day); WEST INDONESIA→USEC (1 voyages, ~$18341/day).
USEC
Leading signal — 7-day ballast-pull +25% (empty ships building toward this load zone (firming)). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$14586/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -15% (ballast interest thinning here (softening)). Busiest lanes out — NORTH ARGENTINA→WC INDIA (1 voyages, ~$6958/day); NORTH ARGENTINA→LEBANON (1 voyages, ~$6958/day).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -67% (ballast interest thinning here (softening)). Busiest lanes out — NORTH AUSTRALIA→SOUTH JAPAN (3 voyages, ~$8158/day).
FINLAND
Leading signal — 7-day ballast-pull -43% (ballast interest thinning here (softening)). Busiest lanes out — FINLAND→USEC (3 voyages, ~$10792/day).
30-47K — ~$12861/day ($+598 d/d); 78 voyages, 14282473 kt-miles tracked
Momentum: +17% vs balanced, -3.0% day, -1.4% week (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tauranga (PAI 4.6). Busiest lanes out — NEW ZEALAND→NORTH CHINA (19 voyages, ~$11324/day); NEW ZEALAND→SOUTH KOREA (5 voyages, ~$11324/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -13% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: La Plata (PAI 8.7), San Lorenzo (PAI 7.6), Rosario (PAI 6.7). Busiest lanes out — NORTH ARGENTINA→MOROCCO (9 voyages, ~$14893/day); NORTH ARGENTINA→ALGERIA (4 voyages, ~$14893/day).
USEC
Leading signal — 7-day ballast-pull -29% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: New Orleans (PAI 7.8). Busiest lanes out — USEC→MEXICO (15 voyages, ~$18315/day); USEC→MOROCCO (6 voyages, ~$18315/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (7 voyages, ~$11324/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +140% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Durban (PAI 3.8). Busiest lanes out — EAST SOUTH AFRICA→USEC (4 voyages, ~$7191/day).
47-55K — ~$16655/day ($+4623 d/d); 73 voyages, 6904548 kt-miles tracked
Momentum: +39% vs balanced, -2.6% day, +30.3% week (relative to a balanced market).
SOUTH CHILE
Leading signal — 7-day ballast-pull -25% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH CHILE→SOUTH KOREA (1 voyages, ~$7830/day); SOUTH CHILE→TAIWAN (1 voyages, ~$7830/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +62% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH BRAZIL→MID CHINA (1 voyages, ~$16087/day); SOUTH BRAZIL→SOUTH CHINA (1 voyages, ~$16087/day).
PHILIPPINES
Leading signal — 7-day ballast-pull -30% (ballast interest thinning here (softening)). Busiest lanes out — PHILIPPINES→NORTH CHINA (11 voyages, ~$22527/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -36% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Huanghua (PAI 10.6), Caofeidian (PAI 9.4), Qinhuangdao (PAI 7.0). Busiest lanes out — NORTH CHINA→MID CHINA (41 voyages, ~$24203/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -30% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (12 voyages, ~$22527/day).
55-68K — ~$17099/day ($+2814 d/d); 78 voyages, 24939910 kt-miles tracked
Momentum: +31% vs balanced, -1.9% day, +4.1% week (relative to a balanced market).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -26% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Santos (PAI 8.2). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (8 voyages, ~$16991/day); SOUTH BRAZIL→USEC (10 voyages, ~$16991/day); SOUTH BRAZIL→WEST INDONESIA (3 voyages, ~$16991/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +20% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Richards Bay (PAI 5.6), Durban (PAI 5.4), Port Elizabeth (PAI 3.8). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (6 voyages, ~$16405/day); EAST SOUTH AFRICA→PAKISTAN (8 voyages, ~$16405/day).
PHILIPPINES
Leading signal — 7-day ballast-pull -12% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Surigao (PAI 6.9). Busiest lanes out — PHILIPPINES→NORTH CHINA (25 voyages, ~$26389/day).
PERU
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Busiest lanes out — PERU→NORTH CHINA (4 voyages, ~$12754/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH KOREA (7 voyages, ~$11177/day).
68-90K — ~$24598/day ($+4205 d/d); 233 voyages, 60604752 kt-miles tracked
Momentum: +69% vs balanced, -5.7% day, +18.0% week (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -1% (ballast interest broadly steady). Load hubs where cargo is concentrating: Newcastle (PAI 18.1). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (23 voyages, ~$24753/day); EAST AUSTRALIA→SOUTH CHINA (22 voyages, ~$24753/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +7% (empty ships building toward this load zone (firming)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH KOREA (13 voyages, ~$15256/day); UNITED STATES PACIFIC→SOUTH JAPAN (13 voyages, ~$15256/day).
EC INDIA
Leading signal — 7-day ballast-pull -23% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Paradip (PAI 7.6). Busiest lanes out — EC INDIA→SOUTH BRAZIL (11 voyages, ~$29413/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -23% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Taboneo Anch (PAI 5.4), Bunati (PAI 5.4). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (53 voyages, ~$29413/day).
WC INDIA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Kandla (PAI 4.0). Busiest lanes out — WC INDIA→SOUTH BRAZIL (10 voyages, ~$22182/day).
90-120K — ~$30172/day ($+7919 d/d); 65 voyages, 25872266 kt-miles tracked
Momentum: +83% vs balanced, +2.6% day, +31.8% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hay Point (PAI 4.8), Port Hedland (PAI 4.1), Gladstone (PAI 3.9). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (19 voyages, ~$32683/day); NORTH AUSTRALIA→SOUTH JAPAN (10 voyages, ~$32683/day); NORTH AUSTRALIA→VIETNAM (7 voyages, ~$32683/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 6.9). Busiest lanes out — EAST AUSTRALIA→TAIWAN (6 voyages, ~$32683/day); EAST AUSTRALIA→SOUTH KOREA (4 voyages, ~$32683/day); EAST AUSTRALIA→NORTH JAPAN (4 voyages, ~$32683/day).
WC CANADA
Leading signal — 7-day ballast-pull +20% (empty ships building toward this load zone (firming)). Busiest lanes out — WC CANADA→NORTH JAPAN (4 voyages, ~$10887/day).
USEC
Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Busiest lanes out — USEC→EC INDIA (2 voyages, ~$17183/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +43% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST INDONESIA→SOUTH KOREA (5 voyages, ~$30186/day).
120-190K — ~$38616/day ($+14411 d/d); 204 voyages, 156012113 kt-miles tracked
Momentum: +83% vs balanced, +13.6% day, +70.1% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Port Hedland (PAI 21.0), Dampier (PAI 11.4), Port Walcott (PAI 7.3). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (103 voyages, ~$41916/day); NORTH AUSTRALIA→SOUTH CHINA (33 voyages, ~$41916/day); NORTH AUSTRALIA→MID CHINA (22 voyages, ~$41916/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +1% (ballast interest broadly steady). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (5 voyages, ~$39564/day); SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$39564/day).
GUINEA
Leading signal — 7-day ballast-pull -42% (ballast interest thinning here (softening)). Busiest lanes out — GUINEA→NORTH CHINA (7 voyages, ~$20087/day).
PERU
Leading signal — 7-day ballast-pull -100% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (5 voyages, ~$13777/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 5.3). Busiest lanes out — EAST AUSTRALIA→SOUTH KOREA (8 voyages, ~$41916/day).
190-250K — ~$32165/day ($+8325 d/d); 153 voyages, 136779371 kt-miles tracked
Momentum: +34% vs balanced, -0.4% day, -3.4% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Port Hedland (PAI 19.6), Port Walcott (PAI 4.9). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (72 voyages, ~$36304/day); NORTH AUSTRALIA→SOUTH JAPAN (21 voyages, ~$36304/day); NORTH AUSTRALIA→SOUTH CHINA (14 voyages, ~$36304/day).
GUINEA
Leading signal — 7-day ballast-pull -43% (ballast interest thinning here (softening)). Busiest lanes out — GUINEA→NORTH CHINA (7 voyages, ~$15705/day); GUINEA→EC INDIA (5 voyages, ~$15705/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (4 voyages, ~$32492/day).
NORTH CHILE
Leading signal — 7-day ballast-pull +12% (empty ships building toward this load zone (firming)). Busiest lanes out — NORTH CHILE→NORTH CHINA (3 voyages, ~$15705/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$36304/day).
Outlook (forward view)
Looking ahead, the dry-bulk freight market appears poised to continue its upward trajectory over the coming days and weeks, driven by robust demand and tightening tonnage supply. The week-over-week momentum is positive across most bands, with the 90-120K and 120-190K segments showing particularly strong vs-balanced positioning. The 7-day ballast-pull trend also suggests that empty ships are building toward key load zones, which should support further rate increases. However, it's essential to note that this is a model-and-momentum scenario read, not a guarantee, and market conditions can change rapidly in response to various factors.
The LSR direction and the world port/sea ratio indicate that tonnage supply will remain tight, supporting firming market conditions. Based on these forward signals, we expect the overall market to continue firming, with the strongest upward momentum likely to be seen in the larger tonnage bands such as Capesize and Panamax. However, it's crucial to monitor the evolving market dynamics and adjust expectations accordingly, as changes in cargo demand, trade patterns, or other factors can impact the outlook.