Dry-bulk freight market eases as rates slip across most tonnage bands, with some pockets of firmness emerging in select regions.
Global supply & demand
The DBPI pressure index has softened to 2387.9, down 53 points day-over-day, indicating a neutral market tone. The global LSR remains steady at 57%, reflecting a balanced world fleet with laden tonnage roughly matching ballast tonnage. However, the laden-vs-ballast split reveals some nuances: 362M dwt is currently laden versus 271M dwt in ballast, which might suggest a slight tightening of available capacity. The world port/sea ratio stands at 0.55, below the threshold that typically supports firming rates, as more tonnage is currently sailing than tied up in ports.
The overall trajectory suggests a market in flux, with no clear direction emerging yet. Notable tonnage bands like Kamsarmax and Handysize show divergent trends: Kamsarmax rates are firmest, led by the North Australia to North China route, while Handysize rates are softer. This dichotomy underscores the complexities of the current dry-bulk market.
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 — ~$5821/day ($-94 d/d); 2397 voyages, 4655514 kt-miles tracked
Momentum: +50% vs balanced, -0.4% day (relative to a balanced market).
RUSSIA — ~$7754/day
Supply/demand — 36 ships open (~131k dwt); inbound ballast 83 vs laden 74; ballast-share 52%; demand-pull rel 1.39; scarcity 0.74. Leading signal — 7-day ballast-pull -12% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Astrakhan (PAI 8.7), Rostov-On-Don (PAI 6.5). Busiest lanes out — RUSSIA→IRAN (24 voyages, ~$8004/day); RUSSIA→WEST TURKEY (19 voyages, ~$8004/day); RUSSIA→NORTH TURKEY (17 voyages, ~$8004/day).
SOUTH NORWAY — ~$8953/day
Supply/demand — 7 ships open (~28k dwt); inbound ballast 20 vs laden 26; ballast-share 43%; demand-pull rel 1.60; scarcity 1.30. Leading signal — 7-day ballast-pull +67% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Floro (PAI 6.9), Rekefjord (PAI 5.3), Drammen (PAI 4.9). Busiest lanes out — SOUTH NORWAY→GERMANY (49 voyages, ~$7169/day); SOUTH NORWAY→DENMARK (45 voyages, ~$7169/day); SOUTH NORWAY→SOUTH NORWAY (99 voyages, ~$7169/day).
NETHERLANDS — ~$8953/day
Supply/demand — 31 ships open (~109k dwt); inbound ballast 11 vs laden 16; ballast-share 38%; demand-pull rel 1.60; scarcity 1.22. Leading signal — 7-day ballast-pull +22% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Rotterdam Maasvlakte (PAI 9.8), Rotterdam Waalhaven (PAI 8.0), Vlissingen (PAI 7.3). Busiest lanes out — NETHERLANDS→SPAIN (22 voyages, ~$5729/day); NETHERLANDS→SWEDEN (20 voyages, ~$5729/day); NETHERLANDS→SOUTH NORWAY (18 voyages, ~$5729/day).
SWEDEN — ~$7315/day
Supply/demand — 10 ships open (~39k dwt); inbound ballast 9 vs laden 25; ballast-share 31%; demand-pull rel 1.31; scarcity 1.30. Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Oxelosund (PAI 5.0), Varberg (PAI 4.7), Vasteras (PAI 4.0). Busiest lanes out — SWEDEN→GERMANY (28 voyages, ~$7401/day); SWEDEN→SOUTH UNITED KINGDOM (13 voyages, ~$7401/day); SWEDEN→NORTH UNITED KINGDOM (14 voyages, ~$7401/day).
GERMANY — ~$8296/day
Supply/demand — 25 ships open (~91k dwt); inbound ballast 13 vs laden 26; ballast-share 33%; demand-pull rel 1.48; scarcity 1.25. Leading signal — 7-day ballast-pull -7% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hamburg (PAI 19.8), Rostock (PAI 16.2), Brake (PAI 6.7). Busiest lanes out — GERMANY→SOUTH NORWAY (27 voyages, ~$8004/day); GERMANY→NORTH UNITED KINGDOM (19 voyages, ~$8004/day); GERMANY→SWEDEN (19 voyages, ~$8004/day).
5-10K — ~$6870/day ($-180 d/d); 1520 voyages, 9152758 kt-miles tracked
Momentum: +26% vs balanced, -3.7% day (relative to a balanced market).
RUSSIA — ~$10706/day
Supply/demand — 30 ships open (~202k dwt); inbound ballast 91 vs laden 48; ballast-share 64%; demand-pull rel 1.54; scarcity 0.74. Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 7.2), Novorossiysk (PAI 4.1), Yeysk (PAI 4.0). Busiest lanes out — RUSSIA→NORTH TURKEY (33 voyages, ~$11023/day); RUSSIA→WEST TURKEY (18 voyages, ~$11023/day); RUSSIA→IRAN (10 voyages, ~$11023/day).
VIETNAM — ~$8503/day
Supply/demand — 17 ships open (~112k dwt); inbound ballast 8 vs laden 15; ballast-share 38%; demand-pull rel 1.23; scarcity 1.06. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 6.6). Busiest lanes out — VIETNAM→PHILIPPINES (19 voyages, ~$8367/day); VIETNAM→SOUTH KOREA (5 voyages, ~$8367/day); VIETNAM→VIETNAM (34 voyages, ~$8367/day).
SOUTH NORWAY — ~$9235/day
Supply/demand — 12 ships open (~80k dwt); inbound ballast 5 vs laden 7; ballast-share 42%; demand-pull rel 1.33; scarcity 1.30. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Rafnes (PAI 4.5), Mandal (PAI 4.1). Busiest lanes out — SOUTH NORWAY→GERMANY (29 voyages, ~$6031/day); SOUTH NORWAY→SOUTH NORWAY (49 voyages, ~$6031/day); SOUTH NORWAY→NETHERLANDS (16 voyages, ~$6031/day).
WEST INDONESIA — ~$10840/day
Supply/demand — 22 ships open (~162k dwt); inbound ballast 11 vs laden 12; ballast-share 46%; demand-pull rel 1.56; scarcity 1.05. Leading signal — 7-day ballast-pull +10% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Surabaya (PAI 4.1). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (17 voyages, ~$7757/day); WEST INDONESIA→WEST INDONESIA (60 voyages, ~$7757/day); WEST INDONESIA→SOUTH KOREA (1 voyages, ~$7757/day).
USEC — ~$7582/day
Supply/demand — 3 ships open (~23k dwt); inbound ballast 6 vs laden 10; ballast-share 40%; demand-pull rel 1.09; scarcity 1.04. Leading signal — 7-day ballast-pull -14% (ballast interest thinning here (softening)). Busiest lanes out — USEC→MID CHINA (1 voyages, ~$7948/day); USEC→DOMINICAN REPUBLIC (4 voyages, ~$7948/day); USEC→TRINIDAD AND TOBAGO (3 voyages, ~$7948/day).
10-17.5K — ~$9665/day ($-28 d/d); 541 voyages, 13384022 kt-miles tracked
Momentum: +38% vs balanced, -0.5% day (relative to a balanced market).
SOUTH JAPAN — ~$11546/day
Supply/demand — 30 ships open (~397k dwt); inbound ballast 17 vs laden 22; ballast-share 43%; demand-pull rel 1.28; scarcity 0.98. Leading signal — 7-day ballast-pull -48% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Fukuyama (PAI 4.8), Kobe (PAI 4.5). Busiest lanes out — SOUTH JAPAN→THAILAND (14 voyages, ~$13711/day); SOUTH JAPAN→VIETNAM (7 voyages, ~$13711/day); SOUTH JAPAN→WEST INDONESIA (3 voyages, ~$13711/day).
WEST INDONESIA — ~$12450/day
Supply/demand — 9 ships open (~111k dwt); inbound ballast 6 vs laden 13; ballast-share 38%; demand-pull rel 1.38; scarcity 1.25. Leading signal — 7-day ballast-pull -57% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→NORTH JAPAN (6 voyages, ~$14449/day); WEST INDONESIA→SOUTH JAPAN (6 voyages, ~$14449/day); WEST INDONESIA→SOUTH KOREA (3 voyages, ~$14449/day).
EAST INDONESIA — ~$10773/day
Supply/demand — 4 ships open (~50k dwt); inbound ballast 9 vs laden 14; ballast-share 42%; demand-pull rel 1.20; scarcity 0.94. Leading signal — 7-day ballast-pull +12% (empty ships building toward this load zone (firming)). Busiest lanes out — EAST INDONESIA→NORTH CHINA (6 voyages, ~$15075/day); EAST INDONESIA→SOUTH BRAZIL (1 voyages, ~$15075/day); EAST INDONESIA→MID CHINA (4 voyages, ~$15075/day).
VIETNAM — ~$14413/day
Supply/demand — 11 ships open (~149k dwt); inbound ballast 15 vs laden 6; ballast-share 57%; demand-pull rel 1.60; scarcity 0.92. Leading signal — 7-day ballast-pull +36% (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 (6 voyages, ~$11725/day); VIETNAM→UNITED STATES PACIFIC (1 voyages, ~$11725/day); VIETNAM→NORTH CHINA (3 voyages, ~$11725/day).
MID CHINA — ~$10551/day
Supply/demand — 17 ships open (~223k dwt); inbound ballast 11 vs laden 17; ballast-share 42%; demand-pull rel 1.17; scarcity 0.93. Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Busiest lanes out — MID CHINA→EAST INDONESIA (6 voyages, ~$13963/day); MID CHINA→USEC (1 voyages, ~$13963/day); MID CHINA→SOUTH MALAYSIA (3 voyages, ~$13963/day).
17.5-30K — ~$13300/day ($+467 d/d); 27 voyages, 3189192 kt-miles tracked
Momentum: +49% vs balanced, -0.5% day (relative to a balanced market).
WEST INDONESIA
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (6 voyages, ~$16296/day); WEST INDONESIA→USEC (1 voyages, ~$16296/day).
USEC
Leading signal — 7-day ballast-pull -26% (ballast interest thinning here (softening)). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$14441/day).
FINLAND
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — FINLAND→USEC (4 voyages, ~$11313/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -13% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHINA→WEST INDONESIA (4 voyages, ~$14312/day).
EAST INDONESIA
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Busiest lanes out — EAST INDONESIA→MID CHINA (5 voyages, ~$16296/day).
30-47K — ~$12182/day ($+763 d/d); 77 voyages, 16552106 kt-miles tracked
Momentum: +20% vs balanced, -2.4% day (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull -28% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tauranga (PAI 5.1). Busiest lanes out — NEW ZEALAND→NORTH CHINA (22 voyages, ~$11542/day); NEW ZEALAND→SOUTH KOREA (5 voyages, ~$11542/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: San Lorenzo (PAI 10.0), La Plata (PAI 6.0), Rosario (PAI 4.7). Busiest lanes out — NORTH ARGENTINA→MOROCCO (9 voyages, ~$14480/day); NORTH ARGENTINA→ALGERIA (6 voyages, ~$14480/day); NORTH ARGENTINA→GREECE (5 voyages, ~$14480/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Durban (PAI 4.4). Busiest lanes out — EAST SOUTH AFRICA→USEC (5 voyages, ~$7128/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull -28% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Bunbury (PAI 4.4). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (9 voyages, ~$11542/day).
BALTIC RUSSIA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: St Petersburg (PAI 7.2), Ust-Luga (PAI 4.8). Busiest lanes out — BALTIC RUSSIA→SOUTH BRAZIL (4 voyages, ~$13291/day).
47-55K — ~$18982/day ($+322 d/d); 95 voyages, 8104525 kt-miles tracked
Momentum: +87% vs balanced, -0.4% day (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Huanghua (PAI 10.5), Caofeidian (PAI 9.4), Qinhuangdao (PAI 8.9). Busiest lanes out — NORTH CHINA→MID CHINA (59 voyages, ~$23531/day); NORTH CHINA→COTE D IVOIRE (2 voyages, ~$23531/day).
SOUTH CHILE
Leading signal — 7-day ballast-pull -25% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH CHILE→SOUTH KOREA (1 voyages, ~$9356/day); SOUTH CHILE→TAIWAN (1 voyages, ~$9356/day).
PHILIPPINES
Leading signal — 7-day ballast-pull -2% (ballast interest broadly steady). Busiest lanes out — PHILIPPINES→NORTH CHINA (12 voyages, ~$23983/day).
EAST INDONESIA
Leading signal — 7-day ballast-pull -2% (ballast interest broadly steady). Busiest lanes out — EAST INDONESIA→COMORES ISLANDS (3 voyages, ~$23983/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -2% (ballast interest broadly steady). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (13 voyages, ~$23983/day).
55-68K — ~$17340/day ($-1231 d/d); 95 voyages, 30354927 kt-miles tracked
Momentum: +57% vs balanced, -1.9% day (relative to a balanced market).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -28% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Santos (PAI 10.9). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (8 voyages, ~$16990/day); SOUTH BRAZIL→USEC (10 voyages, ~$16990/day); SOUTH BRAZIL→SOUTH CHINA (4 voyages, ~$16990/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +9% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Richards Bay (PAI 6.4), Durban (PAI 5.8), Port Elizabeth (PAI 4.5). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (9 voyages, ~$15144/day); EAST SOUTH AFRICA→EC INDIA (7 voyages, ~$15144/day).
PERU
Leading signal — 7-day ballast-pull -40% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (6 voyages, ~$10664/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -25% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tianjin (PAI 14.6), Caofeidian (PAI 7.0), Lianyungang (PAI 6.3). Busiest lanes out — NORTH CHINA→PERU (5 voyages, ~$24188/day).
EC INDIA
Leading signal — 7-day ballast-pull -18% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Paradip (PAI 4.8), Dhamra (PAI 4.0). Busiest lanes out — EC INDIA→NORTH CHINA (17 voyages, ~$25991/day).
68-90K — ~$24826/day ($-1339 d/d); 257 voyages, 65438572 kt-miles tracked
Momentum: +115% vs balanced, -5.0% day (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -14% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 16.3). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (26 voyages, ~$22503/day); EAST AUSTRALIA→SOUTH CHINA (25 voyages, ~$22503/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +12% (empty ships building toward this load zone (firming)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH KOREA (15 voyages, ~$18003/day); UNITED STATES PACIFIC→SOUTH JAPAN (13 voyages, ~$18003/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -25% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Caofeidian (PAI 8.8), Huanghua (PAI 7.7), Tianjin (PAI 6.0). Busiest lanes out — NORTH CHINA→SOUTH CHINA (62 voyages, ~$29159/day); NORTH CHINA→SOUTH BRAZIL (5 voyages, ~$29159/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Bunati (PAI 7.0), Taboneo Anch (PAI 6.1), Tanjung Pemancingan (PAI 4.3). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (59 voyages, ~$29159/day).
EC INDIA
Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Paradip (PAI 8.0). Busiest lanes out — EC INDIA→SOUTH BRAZIL (9 voyages, ~$29159/day).
90-120K — ~$32667/day ($-898 d/d); 75 voyages, 29282914 kt-miles tracked
Momentum: +140% vs balanced, -0.3% day (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hay Point (PAI 6.0). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (16 voyages, ~$32667/day); NORTH AUSTRALIA→SOUTH JAPAN (11 voyages, ~$32667/day); NORTH AUSTRALIA→VIETNAM (8 voyages, ~$32667/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 10.3). Busiest lanes out — EAST AUSTRALIA→NORTH JAPAN (7 voyages, ~$32667/day); EAST AUSTRALIA→TAIWAN (8 voyages, ~$32667/day); EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$32667/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (4 voyages, ~$32667/day).
120-190K — ~$31466/day ($-492 d/d); 229 voyages, 172487016 kt-miles tracked
Momentum: +90% vs balanced, -11.6% day (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Port Hedland (PAI 20.2), Dampier (PAI 10.4), Port Walcott (PAI 9.0). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (106 voyages, ~$34705/day); NORTH AUSTRALIA→SOUTH CHINA (38 voyages, ~$34705/day); NORTH AUSTRALIA→MID CHINA (33 voyages, ~$34705/day).
GUINEA
Leading signal — 7-day ballast-pull +38% (empty ships building toward this load zone (firming)). Busiest lanes out — GUINEA→NORTH CHINA (9 voyages, ~$17493/day).
PERU
Leading signal — 7-day ballast-pull -100% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (7 voyages, ~$13653/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +1% (ballast interest broadly steady). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (3 voyages, ~$29185/day); SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$29185/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 6.4). Busiest lanes out — EAST AUSTRALIA→SOUTH KOREA (8 voyages, ~$34705/day).
190-250K — ~$37368/day ($+620 d/d); 168 voyages, 153339475 kt-miles tracked
Momentum: +109% vs balanced, +1.2% day (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -5% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Port Hedland (PAI 21.9), Port Walcott (PAI 4.8), Dampier (PAI 4.5). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (81 voyages, ~$41346/day); NORTH AUSTRALIA→SOUTH JAPAN (23 voyages, ~$41346/day); NORTH AUSTRALIA→MID CHINA (14 voyages, ~$41346/day).
GUINEA
Leading signal — 7-day ballast-pull -14% (ballast interest thinning here (softening)). Busiest lanes out — GUINEA→NORTH CHINA (9 voyages, ~$22305/day); GUINEA→EC INDIA (5 voyages, ~$22305/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +10% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Itaguai (PAI 4.0). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (6 voyages, ~$40520/day).
NORTH CHILE
Leading signal — 7-day ballast-pull -44% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHILE→NORTH CHINA (3 voyages, ~$15571/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -5% (ballast interest thinning here (softening)). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$41346/day).
Outlook (forward view)
Looking ahead, the market is likely to experience a mixed bag of outcomes across different tonnage bands. The 7-day ballast-pull trend offers clues: empty ships are building toward load zones like East Indonesia and West Australia, which could firm up rates in these regions over the coming days. Conversely, ballast interest is thinning in areas like South Brazil and North China, potentially leading to softening rates. The world port/sea ratio and LSR direction will be crucial in determining the market's overall trajectory.
Based on the current momentum and forward signals, we anticipate a range-bound market with some pockets of firmness emerging in select regions, particularly those with strengthening ballast-pull trends. The Kamsarmax segment may continue to outperform due to robust demand on key routes like North Australia to North China. However, this scenario is contingent upon the interplay of various market factors and should not be taken as a guarantee. As always, these projections are grounded in model-driven insights and momentum analysis, rather than investment or trading advice.