Dry-bulk freight market sentiment firms on rising DBPI and LSR, with Kamsarmax leading the charge.
Global supply & demand
The dry-bulk freight market is seeing a notable uptick in activity, with the DBPI pressure index increasing by 103 points day-over-day to 2490.8, indicating a neutral-to-firming sentiment. The global LSR (laden sailing ratio) has also edged up by 1 percentage point to 58%, suggesting that more vessels are finding employment and that open tonnage is tightening. This is further supported by the laden-vs-ballast split, which shows 362M dwt laden versus 262M dwt ballast, a favorable balance for owners. The world port/sea ratio of 0.57 indicates that there is still a significant amount of tonnage at sea, but the trend is towards more vessels being utilized.
The overall trajectory of the market appears to be firming, driven in part by strong demand in certain regions and vessel sizes, such as the Kamsarmax segment, which is seeing rates increase by 124% versus balanced levels. This uptick in activity is likely to continue, at least in the short term, as the fundamental supply and demand balance continues to shift in favor of owners.
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 — ~$6160/day ($+339 d/d); 2443 voyages, 4682841 kt-miles tracked
Momentum: +57% vs balanced, +3.0% day (relative to a balanced market).
SOUTH NORWAY — ~$8963/day
Supply/demand — 8 ships open (~31k dwt); inbound ballast 19 vs laden 24; ballast-share 44%; demand-pull rel 1.60; scarcity 1.30. Leading signal — 7-day ballast-pull +36% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Floro (PAI 7.0), Rekefjord (PAI 5.3), Drammen (PAI 5.0). Busiest lanes out — SOUTH NORWAY→GERMANY (49 voyages, ~$7821/day); SOUTH NORWAY→DENMARK (46 voyages, ~$7821/day); SOUTH NORWAY→SOUTH NORWAY (99 voyages, ~$7821/day).
RUSSIA — ~$7811/day
Supply/demand — 37 ships open (~134k dwt); inbound ballast 90 vs laden 69; ballast-share 56%; demand-pull rel 1.39; scarcity 0.71. 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 6.2). Busiest lanes out — RUSSIA→IRAN (25 voyages, ~$8300/day); RUSSIA→WEST TURKEY (13 voyages, ~$8300/day); RUSSIA→NORTH TURKEY (16 voyages, ~$8300/day).
NETHERLANDS — ~$8540/day
Supply/demand — 32 ships open (~113k dwt); inbound ballast 13 vs laden 20; ballast-share 37%; demand-pull rel 1.52; scarcity 1.17. Leading signal — 7-day ballast-pull -7% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rotterdam Maasvlakte (PAI 10.0), Rotterdam Waalhaven (PAI 8.1), Vlissingen (PAI 7.4). Busiest lanes out — NETHERLANDS→SPAIN (21 voyages, ~$7899/day); NETHERLANDS→SOUTH NORWAY (20 voyages, ~$7899/day); NETHERLANDS→SWEDEN (20 voyages, ~$7899/day).
SWEDEN — ~$8917/day
Supply/demand — 10 ships open (~37k dwt); inbound ballast 10 vs laden 21; ballast-share 35%; demand-pull rel 1.59; scarcity 1.30. Leading signal — 7-day ballast-pull -23% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Oxelosund (PAI 5.1), Varberg (PAI 4.8). Busiest lanes out — SWEDEN→GERMANY (29 voyages, ~$7070/day); SWEDEN→SOUTH UNITED KINGDOM (14 voyages, ~$7070/day); SWEDEN→NORTH UNITED KINGDOM (14 voyages, ~$7070/day).
GERMANY — ~$6941/day
Supply/demand — 24 ships open (~87k dwt); inbound ballast 9 vs laden 27; ballast-share 29%; demand-pull rel 1.24; scarcity 1.28. Leading signal — 7-day ballast-pull -44% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hamburg (PAI 20.6), Rostock (PAI 16.5), Brake (PAI 7.1). Busiest lanes out — GERMANY→SOUTH NORWAY (26 voyages, ~$8300/day); GERMANY→NORTH UNITED KINGDOM (20 voyages, ~$8300/day); GERMANY→SWEDEN (19 voyages, ~$8300/day).
5-10K — ~$7316/day ($+446 d/d); 1520 voyages, 9176198 kt-miles tracked
Momentum: +35% vs balanced, -3.4% day (relative to a balanced market).
RUSSIA — ~$11291/day
Supply/demand — 28 ships open (~186k dwt); inbound ballast 89 vs laden 43; ballast-share 66%; demand-pull rel 1.60; scarcity 0.77. Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 7.4), Novorossiysk (PAI 4.1). Busiest lanes out — RUSSIA→NORTH TURKEY (34 voyages, ~$11430/day); RUSSIA→WEST TURKEY (21 voyages, ~$11430/day); RUSSIA→IRAN (10 voyages, ~$11430/day).
VIETNAM — ~$6923/day
Supply/demand — 18 ships open (~122k dwt); inbound ballast 6 vs laden 16; ballast-share 34%; demand-pull rel 0.98; scarcity 1.10. Leading signal — 7-day ballast-pull -40% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 6.4). Busiest lanes out — VIETNAM→PHILIPPINES (20 voyages, ~$8811/day); VIETNAM→SOUTH KOREA (4 voyages, ~$8811/day); VIETNAM→VIETNAM (32 voyages, ~$8811/day).
WEST INDONESIA — ~$11291/day
Supply/demand — 15 ships open (~112k dwt); inbound ballast 14 vs laden 13; ballast-share 47%; demand-pull rel 1.60; scarcity 1.13. Leading signal — 7-day ballast-pull +27% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Surabaya (PAI 4.3). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (21 voyages, ~$8842/day); WEST INDONESIA→WEST INDONESIA (61 voyages, ~$8842/day); WEST INDONESIA→SOUTH KOREA (1 voyages, ~$8842/day).
SOUTH NORWAY — ~$11291/day
Supply/demand — 11 ships open (~79k dwt); inbound ballast 8 vs laden 5; ballast-share 48%; demand-pull rel 1.60; scarcity 1.30. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Rafnes (PAI 4.6), Mandal (PAI 4.1). Busiest lanes out — SOUTH NORWAY→GERMANY (28 voyages, ~$7274/day); SOUTH NORWAY→SOUTH NORWAY (50 voyages, ~$7274/day); SOUTH NORWAY→NETHERLANDS (15 voyages, ~$7274/day).
USEC — ~$9262/day
Supply/demand — 3 ships open (~24k dwt); inbound ballast 7 vs laden 7; ballast-share 44%; demand-pull rel 1.31; scarcity 1.04. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — USEC→MID CHINA (1 voyages, ~$8557/day); USEC→DOMINICAN REPUBLIC (4 voyages, ~$8557/day); USEC→TRINIDAD AND TOBAGO (3 voyages, ~$8557/day).
10-17.5K — ~$9867/day ($+202 d/d); 531 voyages, 13234027 kt-miles tracked
Momentum: +39% vs balanced, -0.8% day (relative to a balanced market).
SOUTH JAPAN — ~$12279/day
Supply/demand — 31 ships open (~408k dwt); inbound ballast 21 vs laden 25; ballast-share 44%; demand-pull rel 1.30; scarcity 0.94. Leading signal — 7-day ballast-pull -36% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Kobe (PAI 4.6), Fukuyama (PAI 4.4). Busiest lanes out — SOUTH JAPAN→THAILAND (12 voyages, ~$15028/day); SOUTH JAPAN→VIETNAM (8 voyages, ~$15028/day); SOUTH JAPAN→WEST INDONESIA (3 voyages, ~$15028/day).
WEST INDONESIA — ~$13465/day
Supply/demand — 11 ships open (~135k dwt); inbound ballast 7 vs laden 14; ballast-share 38%; demand-pull rel 1.42; scarcity 1.18. Leading signal — 7-day ballast-pull -42% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→NORTH JAPAN (6 voyages, ~$15272/day); WEST INDONESIA→SOUTH JAPAN (6 voyages, ~$15272/day); WEST INDONESIA→SOUTH KOREA (3 voyages, ~$15272/day).
EAST INDONESIA — ~$11415/day
Supply/demand — 7 ships open (~94k dwt); inbound ballast 8 vs laden 11; ballast-share 41%; demand-pull rel 1.21; scarcity 0.93. Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Busiest lanes out — EAST INDONESIA→NORTH CHINA (5 voyages, ~$13526/day); EAST INDONESIA→MID CHINA (5 voyages, ~$13526/day); EAST INDONESIA→SOUTH BRAZIL (1 voyages, ~$13526/day).
VIETNAM — ~$14533/day
Supply/demand — 13 ships open (~176k dwt); inbound ballast 13 vs laden 7; ballast-share 53%; demand-pull rel 1.54; scarcity 0.92. Leading signal — 7-day ballast-pull +86% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 5.5). Busiest lanes out — VIETNAM→SOUTH JAPAN (5 voyages, ~$12106/day); VIETNAM→NORTH CHINA (4 voyages, ~$12106/day); VIETNAM→UNITED STATES PACIFIC (1 voyages, ~$12106/day).
MID CHINA — ~$9197/day
Supply/demand — 19 ships open (~247k dwt); inbound ballast 6 vs laden 19; ballast-share 33%; demand-pull rel 0.97; scarcity 0.96. Leading signal — 7-day ballast-pull -67% (ballast interest thinning here (softening)). Busiest lanes out — MID CHINA→EAST INDONESIA (6 voyages, ~$14234/day); MID CHINA→USEC (1 voyages, ~$14234/day); MID CHINA→SOUTH MALAYSIA (3 voyages, ~$14234/day).
17.5-30K — ~$12847/day ($-453 d/d); 26 voyages, 3134427 kt-miles tracked
Momentum: +43% vs balanced, -1.9% day (relative to a balanced market).
WEST INDONESIA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (5 voyages, ~$16311/day); WEST INDONESIA→USEC (1 voyages, ~$16311/day).
USEC
Leading signal — 7-day ballast-pull -32% (ballast interest thinning here (softening)). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$13521/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -41% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH BRAZIL→SPAIN MED (3 voyages, ~$6809/day).
FINLAND
Leading signal — 7-day ballast-pull -25% (ballast interest thinning here (softening)). Busiest lanes out — FINLAND→USEC (3 voyages, ~$12094/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -36% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHINA→WEST INDONESIA (4 voyages, ~$14055/day).
30-47K — ~$12398/day ($+216 d/d); 78 voyages, 17038562 kt-miles tracked
Momentum: +21% vs balanced, +0.1% day (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tauranga (PAI 5.4). Busiest lanes out — NEW ZEALAND→NORTH CHINA (22 voyages, ~$12831/day); NEW ZEALAND→SOUTH KOREA (5 voyages, ~$12831/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -17% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: San Lorenzo (PAI 11.1), La Plata (PAI 5.8), Rosario (PAI 4.4). Busiest lanes out — NORTH ARGENTINA→MOROCCO (9 voyages, ~$15167/day); NORTH ARGENTINA→ALGERIA (7 voyages, ~$15167/day); NORTH ARGENTINA→GREECE (6 voyages, ~$15167/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH JAPAN (6 voyages, ~$7567/day); UNITED STATES PACIFIC→SOUTH KOREA (5 voyages, ~$7567/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Durban (PAI 5.0). Busiest lanes out — EAST SOUTH AFRICA→USEC (5 voyages, ~$7392/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Bunbury (PAI 4.7). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (9 voyages, ~$12831/day).
47-55K — ~$19122/day ($+140 d/d); 96 voyages, 7843470 kt-miles tracked
Momentum: +95% vs balanced, +0.6% day (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull -2% (ballast interest broadly steady). Load hubs where cargo is concentrating: Huanghua (PAI 9.8), Caofeidian (PAI 9.8), Qinhuangdao (PAI 8.0). Busiest lanes out — NORTH CHINA→MID CHINA (61 voyages, ~$24866/day); NORTH CHINA→COTE D IVOIRE (2 voyages, ~$24866/day).
SOUTH CHILE
Leading signal — 7-day ballast-pull -33% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH CHILE→SOUTH KOREA (1 voyages, ~$9483/day); SOUTH CHILE→TAIWAN (1 voyages, ~$9483/day).
PHILIPPINES
Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Busiest lanes out — PHILIPPINES→NORTH CHINA (12 voyages, ~$23734/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (13 voyages, ~$23734/day).
FRANCE
Leading signal — 7-day ballast-pull +50% (empty ships building toward this load zone (firming)). Busiest lanes out — FRANCE→PHILIPPINES (2 voyages, ~$12059/day).
55-68K — ~$18544/day ($+1204 d/d); 95 voyages, 30354927 kt-miles tracked
Momentum: +69% vs balanced, -0.2% day (relative to a balanced market).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Santos (PAI 11.0). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (8 voyages, ~$17876/day); SOUTH BRAZIL→USEC (10 voyages, ~$17876/day); SOUTH BRAZIL→SOUTH CHINA (4 voyages, ~$17876/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +32% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Richards Bay (PAI 6.1), Durban (PAI 6.0), Port Elizabeth (PAI 4.5). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (9 voyages, ~$17172/day); EAST SOUTH AFRICA→EC INDIA (7 voyages, ~$17172/day).
PERU
Leading signal — 7-day ballast-pull -35% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (6 voyages, ~$12521/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tianjin (PAI 14.1), Caofeidian (PAI 7.8), Lianyungang (PAI 7.3). Busiest lanes out — NORTH CHINA→PERU (5 voyages, ~$24359/day).
EC INDIA
Leading signal — 7-day ballast-pull -18% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Paradip (PAI 5.4), Dhamra (PAI 4.3). Busiest lanes out — EC INDIA→NORTH CHINA (17 voyages, ~$26906/day).
68-90K — ~$24323/day ($-503 d/d); 271 voyages, 67733337 kt-miles tracked
Momentum: +113% vs balanced, -3.8% day (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -18% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 17.5). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (26 voyages, ~$20911/day); EAST AUSTRALIA→SOUTH CHINA (25 voyages, ~$20911/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +9% (empty ships building toward this load zone (firming)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH KOREA (15 voyages, ~$15222/day); UNITED STATES PACIFIC→SOUTH JAPAN (15 voyages, ~$15222/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -38% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Caofeidian (PAI 9.2), Huanghua (PAI 7.7), Tianjin (PAI 5.7). Busiest lanes out — NORTH CHINA→SOUTH CHINA (65 voyages, ~$30237/day); NORTH CHINA→SOUTH BRAZIL (5 voyages, ~$30237/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Taboneo Anch (PAI 7.8), Bunati (PAI 7.7). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (61 voyages, ~$30237/day).
EC INDIA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Paradip (PAI 8.6). Busiest lanes out — EC INDIA→SOUTH BRAZIL (9 voyages, ~$30237/day).
90-120K — ~$30992/day ($-1675 d/d); 76 voyages, 31416185 kt-miles tracked
Momentum: +124% vs balanced, -3.2% day (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hay Point (PAI 6.1), Port Hedland (PAI 4.5). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (15 voyages, ~$33883/day); NORTH AUSTRALIA→SOUTH JAPAN (11 voyages, ~$33883/day); NORTH AUSTRALIA→VIETNAM (10 voyages, ~$33883/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 13.1). Busiest lanes out — EAST AUSTRALIA→TAIWAN (9 voyages, ~$33883/day); EAST AUSTRALIA→NORTH JAPAN (7 voyages, ~$33883/day); EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$33883/day).
USEC
Leading signal — 7-day ballast-pull -30% (ballast interest thinning here (softening)). Busiest lanes out — USEC→EC INDIA (3 voyages, ~$13992/day).
SOUTH MOZAMBIQUE
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — SOUTH MOZAMBIQUE→NORTH CHINA (3 voyages, ~$15395/day).
120-190K — ~$35922/day ($+4456 d/d); 233 voyages, 176869476 kt-miles tracked
Momentum: +113% vs balanced, +1.0% day (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Port Hedland (PAI 20.6), Dampier (PAI 10.0), Port Walcott (PAI 9.4). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (109 voyages, ~$39156/day); NORTH AUSTRALIA→MID CHINA (34 voyages, ~$39156/day); NORTH AUSTRALIA→SOUTH CHINA (37 voyages, ~$39156/day).
PERU
Leading signal — 7-day ballast-pull -100% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (8 voyages, ~$14159/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +3% (ballast interest broadly steady). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (4 voyages, ~$33260/day); SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$33260/day).
GUINEA
Leading signal — 7-day ballast-pull +21% (empty ships building toward this load zone (firming)). Busiest lanes out — GUINEA→NORTH CHINA (8 voyages, ~$28360/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 5.4). Busiest lanes out — EAST AUSTRALIA→SOUTH KOREA (8 voyages, ~$39156/day).
190-250K — ~$38041/day ($+673 d/d); 166 voyages, 150302850 kt-miles tracked
Momentum: +108% vs balanced, -4.3% day (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Port Hedland (PAI 22.1), Port Walcott (PAI 5.1), Dampier (PAI 4.4). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (79 voyages, ~$41798/day); NORTH AUSTRALIA→SOUTH JAPAN (23 voyages, ~$41798/day); NORTH AUSTRALIA→MID CHINA (15 voyages, ~$41798/day).
GUINEA
Leading signal — 7-day ballast-pull +80% (empty ships building toward this load zone (firming)). Busiest lanes out — GUINEA→NORTH CHINA (9 voyages, ~$25168/day); GUINEA→EC INDIA (5 voyages, ~$25168/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +13% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Itaguai (PAI 4.1). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (5 voyages, ~$40016/day).
NORTH CHILE
Leading signal — 7-day ballast-pull -44% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHILE→NORTH CHINA (3 voyages, ~$16149/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +3% (ballast interest broadly steady). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$41798/day).
Outlook (forward view)
Looking ahead, the market is expected to continue its firming trend over the coming days and weeks, driven by strong momentum indicators and leading signals such as the 7-day ballast-pull trend. The week-over-week and day-over-day momentum readings are positive for most bands, with the Kamsarmax segment showing particularly strong vs-balanced positioning. The ballast-pull trend is also indicating that empty ships are building towards certain load zones, such as North Australia and West Indonesia, which should lead to further rate increases in these regions.
While there are some signs of softening demand in other areas, such as the 17.5-30K and 68-90K bands, the overall market direction is likely to remain firm. The world port/sea ratio and LSR direction also support this view, suggesting that tonnage is becoming increasingly utilized and that owners are gaining the upper hand. However, it's essential to note that this is a model-and-momentum scenario read, not a guarantee, and market conditions can change rapidly. As such, this outlook should be taken as a directional call rather than investment or trading advice.