1. Dry-bulk freight market surges upward on strong demand and tightening tonnage supply.
2.
Global supply & demand
The DBPI pressure index has jumped to 2671.0, a significant increase of 876 points day-over-day, indicating a substantial shift in the market's balance towards tighter supply conditions. This move is supported by the global LSR (laden sailing ratio) rising to 58%, up 6 percentage points from yesterday, which reflects more ships being utilized for cargo transport and less tonnage available for immediate fixing. The laden-vs-ballast split shows 360M dwt laden versus 259M dwt ballast, further underscoring the tightening in supply. The world port/sea ratio at 0.58 suggests that there is still a balance between ships at sea and those tied up in ports or anchorages, but this ratio, combined with the rising LSR and DBPI, points to a market where demand is outpacing available supply.
The overall trajectory of the market indicates a firming trend, driven by specific regions like Panamax, which is experiencing the most significant gains due to strong demand on routes such as EAST AUSTRALIA → SOUTH JAPAN. Meanwhile, Handysize segments are seeing softer conditions but still contributing to the upward momentum in rates.
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 — ~$5874/day ($+490 d/d); 2690 voyages, 4979326 kt-miles tracked
Momentum: +57% vs balanced, +5.4% day, +3.4% week (relative to a balanced market).
SOUTH NORWAY — ~$8773/day
Supply/demand — 14 ships open (~53k dwt); inbound ballast 12 vs laden 32; ballast-share 31%; demand-pull rel 1.49; scarcity 1.30. Leading signal — 7-day ballast-pull -37% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rekefjord (PAI 7.0), Floro (PAI 6.9), Husoya (PAI 5.7). Busiest lanes out — SOUTH NORWAY→GERMANY (55 voyages, ~$7843/day); SOUTH NORWAY→SOUTH NORWAY (110 voyages, ~$7843/day); SOUTH NORWAY→DENMARK (50 voyages, ~$7843/day).
NETHERLANDS — ~$4631/day
Supply/demand — 33 ships open (~116k dwt); inbound ballast 4 vs laden 23; ballast-share 25%; demand-pull rel 0.79; scarcity 1.28. Leading signal — 7-day ballast-pull -67% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rotterdam Maasvlakte (PAI 10.5), Rotterdam Waalhaven (PAI 8.7), Vlissingen (PAI 8.2). Busiest lanes out — NETHERLANDS→SPAIN (25 voyages, ~$7440/day); NETHERLANDS→SOUTH NORWAY (22 voyages, ~$7440/day); NETHERLANDS→SWEDEN (22 voyages, ~$7440/day).
RUSSIA — ~$7876/day
Supply/demand — 29 ships open (~99k dwt); inbound ballast 83 vs laden 87; ballast-share 50%; demand-pull rel 1.34; scarcity 0.73. Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Astrakhan (PAI 7.7), Rostov-On-Don (PAI 6.0). Busiest lanes out — RUSSIA→IRAN (22 voyages, ~$7843/day); RUSSIA→WEST TURKEY (15 voyages, ~$7843/day); RUSSIA→RUSSIA (63 voyages, ~$7843/day).
GERMANY — ~$9411/day
Supply/demand — 20 ships open (~69k dwt); inbound ballast 10 vs laden 17; ballast-share 36%; demand-pull rel 1.60; scarcity 1.30. Leading signal — 7-day ballast-pull +11% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Hamburg (PAI 20.9), Rostock (PAI 16.1), Brake (PAI 9.4). Busiest lanes out — GERMANY→SOUTH NORWAY (29 voyages, ~$5718/day); GERMANY→NORTH UNITED KINGDOM (27 voyages, ~$5718/day); GERMANY→SWEDEN (18 voyages, ~$5718/day).
SWEDEN — ~$5471/day
Supply/demand — 12 ships open (~45k dwt); inbound ballast 5 vs laden 22; ballast-share 26%; demand-pull rel 0.93; scarcity 1.30. Leading signal — 7-day ballast-pull -44% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Oxelosund (PAI 5.1), Varberg (PAI 4.5), Ahus (PAI 4.4). Busiest lanes out — SWEDEN→SOUTH UNITED KINGDOM (18 voyages, ~$6690/day); SWEDEN→GERMANY (28 voyages, ~$6690/day); SWEDEN→SWEDEN (45 voyages, ~$6690/day).
5-10K — ~$7200/day ($+923 d/d); 1704 voyages, 9295272 kt-miles tracked
Momentum: +31% vs balanced, -1.2% day, -6.2% week (relative to a balanced market).
RUSSIA — ~$10825/day
Supply/demand — 30 ships open (~201k dwt); inbound ballast 106 vs laden 32; ballast-share 73%; demand-pull rel 1.60; scarcity 0.70. Leading signal — 7-day ballast-pull +18% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 7.2). Busiest lanes out — RUSSIA→NORTH TURKEY (34 voyages, ~$10694/day); RUSSIA→WEST TURKEY (18 voyages, ~$10694/day); RUSSIA→IRAN (9 voyages, ~$10694/day).
SOUTH NORWAY — ~$9195/day
Supply/demand — 6 ships open (~40k dwt); inbound ballast 6 vs laden 7; ballast-share 43%; demand-pull rel 1.36; scarcity 1.30. Leading signal — 7-day ballast-pull -14% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rafnes (PAI 5.1). Busiest lanes out — SOUTH NORWAY→GERMANY (34 voyages, ~$8841/day); SOUTH NORWAY→DENMARK (27 voyages, ~$8841/day); SOUTH NORWAY→NETHERLANDS (16 voyages, ~$8841/day).
VIETNAM — ~$7669/day
Supply/demand — 17 ships open (~121k dwt); inbound ballast 8 vs laden 18; ballast-share 37%; demand-pull rel 1.13; scarcity 1.08. Leading signal — 7-day ballast-pull +60% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 6.0). Busiest lanes out — VIETNAM→PHILIPPINES (21 voyages, ~$9634/day); VIETNAM→SOUTH KOREA (5 voyages, ~$9634/day); VIETNAM→VIETNAM (33 voyages, ~$9634/day).
SWEDEN — ~$4846/day
Supply/demand — 8 ships open (~53k dwt); inbound ballast 3 vs laden 14; ballast-share 32%; demand-pull rel 0.72; scarcity 1.30. Leading signal — 7-day ballast-pull +50% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Goteborg (PAI 7.0), Oxelosund (PAI 4.9). Busiest lanes out — SWEDEN→SPAIN (11 voyages, ~$7073/day); SWEDEN→NETHERLANDS (18 voyages, ~$7073/day); SWEDEN→SWEDEN (46 voyages, ~$7073/day).
SOUTH JAPAN — ~$6796/day
Supply/demand — 19 ships open (~137k dwt); inbound ballast 7 vs laden 14; ballast-share 38%; demand-pull rel 1.00; scarcity 1.00. Leading signal — 7-day ballast-pull +17% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH JAPAN→PHILIPPINES (5 voyages, ~$10430/day); SOUTH JAPAN→THAILAND (3 voyages, ~$10430/day); SOUTH JAPAN→USEC (1 voyages, ~$10430/day).
10-17.5K — ~$9891/day ($+2334 d/d); 583 voyages, 13972873 kt-miles tracked
Momentum: +38% vs balanced, -4.7% day, -1.7% week (relative to a balanced market).
SOUTH JAPAN — ~$11058/day
Supply/demand — 38 ships open (~509k dwt); inbound ballast 19 vs laden 21; ballast-share 46%; demand-pull rel 1.24; scarcity 0.92. Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Kobe (PAI 4.8). Busiest lanes out — SOUTH JAPAN→THAILAND (15 voyages, ~$14568/day); SOUTH JAPAN→VIETNAM (12 voyages, ~$14568/day); SOUTH JAPAN→WEST INDONESIA (7 voyages, ~$14568/day).
WEST INDONESIA — ~$14219/day
Supply/demand — 14 ships open (~171k dwt); inbound ballast 11 vs laden 9; ballast-share 49%; demand-pull rel 1.60; scarcity 1.12. Leading signal — 7-day ballast-pull +83% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (8 voyages, ~$11443/day); WEST INDONESIA→NORTH CHINA (6 voyages, ~$11443/day); WEST INDONESIA→NORTH JAPAN (3 voyages, ~$11443/day).
USEC — ~$14219/day
Supply/demand — 8 ships open (~115k dwt); inbound ballast 10 vs laden 10; ballast-share 48%; demand-pull rel 1.60; scarcity 1.15. Leading signal — 7-day ballast-pull +11% (empty ships building toward this load zone (firming)). Busiest lanes out — USEC→SOUTH KOREA (2 voyages, ~$13368/day); USEC→NORTH AUSTRALIA (1 voyages, ~$13368/day); USEC→SAUDI ARABIA (1 voyages, ~$13368/day).
VIETNAM — ~$11955/day
Supply/demand — 10 ships open (~139k dwt); inbound ballast 9 vs laden 13; ballast-share 43%; demand-pull rel 1.34; scarcity 1.06. Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 5.1). Busiest lanes out — VIETNAM→SOUTH JAPAN (6 voyages, ~$14772/day); VIETNAM→NORTH CHINA (4 voyages, ~$14772/day); VIETNAM→UNITED STATES PACIFIC (1 voyages, ~$14772/day).
MID CHINA — ~$11471/day
Supply/demand — 14 ships open (~185k dwt); inbound ballast 13 vs laden 16; ballast-share 45%; demand-pull rel 1.29; scarcity 0.97. Leading signal — 7-day ballast-pull +117% (empty ships building toward this load zone (firming)). Busiest lanes out — MID CHINA→EAST INDONESIA (6 voyages, ~$13247/day); MID CHINA→SOUTH MALAYSIA (4 voyages, ~$13247/day); MID CHINA→USEC (1 voyages, ~$13247/day).
17.5-30K — ~$13007/day ($+891 d/d); 31 voyages, 3431139 kt-miles tracked
Momentum: +50% vs balanced, +0.4% day, +2.6% week (relative to a balanced market).
FINLAND
Leading signal — 7-day ballast-pull +7% (empty ships building toward this load zone (firming)). Busiest lanes out — FINLAND→USEC (6 voyages, ~$8562/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +10% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH BRAZIL→GAMBIA (3 voyages, ~$10148/day); SOUTH BRAZIL→SPAIN MED (2 voyages, ~$10148/day).
USEC
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$14314/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHINA→WEST INDONESIA (6 voyages, ~$18623/day).
SWEDEN
Leading signal — 7-day ballast-pull +7% (empty ships building toward this load zone (firming)). Busiest lanes out — SWEDEN→USEC (4 voyages, ~$8562/day).
30-47K — ~$13052/day ($+1149 d/d); 96 voyages, 20418780 kt-miles tracked
Momentum: +26% vs balanced, -1.2% day, +4.4% week (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Tauranga (PAI 5.9). Busiest lanes out — NEW ZEALAND→NORTH CHINA (27 voyages, ~$13021/day); NEW ZEALAND→SOUTH KOREA (6 voyages, ~$13021/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull +13% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: San Lorenzo (PAI 19.5), Rosario (PAI 7.9), La Plata (PAI 7.1). Busiest lanes out — NORTH ARGENTINA→MOROCCO (10 voyages, ~$17256/day); NORTH ARGENTINA→ALGERIA (8 voyages, ~$17256/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +25% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Durban (PAI 5.6). Busiest lanes out — EAST SOUTH AFRICA→USEC (7 voyages, ~$9484/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Bunbury (PAI 5.6). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (11 voyages, ~$13021/day).
BALTIC RUSSIA
Leading signal — 7-day ballast-pull -24% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: St Petersburg (PAI 8.6), Ust-Luga (PAI 5.2). Busiest lanes out — BALTIC RUSSIA→SOUTH BRAZIL (5 voyages, ~$13392/day).
47-55K — ~$20980/day ($+7587 d/d); 180 voyages, 8936144 kt-miles tracked
Momentum: +114% vs balanced, +2.1% day, +10.6% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull -23% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Caofeidian (PAI 11.1), Qinhuangdao (PAI 9.9), Huanghua (PAI 9.8). Busiest lanes out — NORTH CHINA→MID CHINA (70 voyages, ~$23517/day); NORTH CHINA→COTE D IVOIRE (2 voyages, ~$23517/day); NORTH CHINA→NORTH CHINA (63 voyages, ~$23517/day).
EAST INDONESIA
Leading signal — 7-day ballast-pull -21% (ballast interest thinning here (softening)). Busiest lanes out — EAST INDONESIA→WEST INDONESIA (12 voyages, ~$21497/day); EAST INDONESIA→COMORES ISLANDS (2 voyages, ~$21497/day).
PHILIPPINES
Leading signal — 7-day ballast-pull -21% (ballast interest thinning here (softening)). Busiest lanes out — PHILIPPINES→NORTH CHINA (12 voyages, ~$21497/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +33% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH BRAZIL→SOUTH CHINA (2 voyages, ~$18130/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -21% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (12 voyages, ~$21497/day).
55-68K — ~$19750/day ($+2954 d/d); 99 voyages, 34117815 kt-miles tracked
Momentum: +74% vs balanced, -2.2% day, +2.8% week (relative to a balanced market).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +23% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Durban (PAI 8.0), Richards Bay (PAI 7.0), Coega (PAI 5.4). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (11 voyages, ~$17377/day); EAST SOUTH AFRICA→EC INDIA (8 voyages, ~$17377/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -1% (ballast interest broadly steady). Load hubs where cargo is concentrating: Tianjin (PAI 13.8), Caofeidian (PAI 12.3), Lianyungang (PAI 9.4). Busiest lanes out — NORTH CHINA→PERU (7 voyages, ~$22884/day); NORTH CHINA→MEXICO (6 voyages, ~$22884/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Santos (PAI 13.3). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (7 voyages, ~$19704/day); SOUTH BRAZIL→USEC (10 voyages, ~$19704/day).
USEC
Leading signal — 7-day ballast-pull -23% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: New Orleans (PAI 9.9), Houston (PAI 5.3). Busiest lanes out — USEC→EGYPT MED (8 voyages, ~$22287/day); USEC→SOUTH JAPAN (6 voyages, ~$22287/day).
PERU
Leading signal — 7-day ballast-pull +24% (empty ships building toward this load zone (firming)). Busiest lanes out — PERU→NORTH CHINA (7 voyages, ~$11902/day).
68-90K — ~$27093/day ($+8819 d/d); 301 voyages, 73286227 kt-miles tracked
Momentum: +131% vs balanced, +3.1% day, +4.6% week (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 17.7). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (29 voyages, ~$28109/day); EAST AUSTRALIA→SOUTH CHINA (25 voyages, ~$28109/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +16% (empty ships building toward this load zone (firming)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH JAPAN (20 voyages, ~$22180/day); UNITED STATES PACIFIC→SOUTH KOREA (17 voyages, ~$22180/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -5% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Taboneo Anch (PAI 9.7), Bunati (PAI 7.1). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (63 voyages, ~$28575/day).
NORTH CHINA
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Caofeidian (PAI 9.8), Huanghua (PAI 8.4), Qinhuangdao (PAI 6.1). Busiest lanes out — NORTH CHINA→SOUTH CHINA (76 voyages, ~$28575/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +10% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Santos (PAI 27.3), Paranagua (PAI 9.0). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (7 voyages, ~$28477/day).
90-120K — ~$31124/day ($+4265 d/d); 93 voyages, 37002315 kt-miles tracked
Momentum: +127% vs balanced, -0.8% day, -1.7% 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: Gladstone (PAI 7.0), Hay Point (PAI 6.3), Port Hedland (PAI 5.0). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (16 voyages, ~$32466/day); NORTH AUSTRALIA→SOUTH JAPAN (12 voyages, ~$32466/day); NORTH AUSTRALIA→MID CHINA (9 voyages, ~$32466/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 14.6). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (12 voyages, ~$32466/day); EAST AUSTRALIA→TAIWAN (10 voyages, ~$32466/day); EAST AUSTRALIA→NORTH JAPAN (7 voyages, ~$32466/day).
USEC
Leading signal — 7-day ballast-pull -57% (ballast interest thinning here (softening)). Busiest lanes out — USEC→EC INDIA (3 voyages, ~$12732/day).
120-190K — ~$37298/day ($+14223 d/d); 258 voyages, 194753462 kt-miles tracked
Momentum: +119% vs balanced, -3.9% day, +4.1% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Port Hedland (PAI 28.9), Dampier (PAI 10.7), Port Walcott (PAI 10.6). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (125 voyages, ~$41257/day); NORTH AUSTRALIA→MID CHINA (39 voyages, ~$41257/day); NORTH AUSTRALIA→SOUTH CHINA (37 voyages, ~$41257/day).
PERU
Busiest lanes out — PERU→NORTH CHINA (8 voyages, ~$13383/day).
GUINEA
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Bel Air Tsz (PAI 5.0). Busiest lanes out — GUINEA→NORTH CHINA (9 voyages, ~$23409/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Itaguai (PAI 4.8). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (3 voyages, ~$30112/day); SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$30112/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 6.0). Busiest lanes out — EAST AUSTRALIA→SOUTH KOREA (7 voyages, ~$41257/day).
190-250K — ~$42389/day ($+22656 d/d); 186 voyages, 173582173 kt-miles tracked
Momentum: +131% vs balanced, -2.5% day, +6.4% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +1% (ballast interest broadly steady). Load hubs where cargo is concentrating: Port Hedland (PAI 21.9), Port Walcott (PAI 5.4). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (82 voyages, ~$47205/day); NORTH AUSTRALIA→SOUTH JAPAN (25 voyages, ~$47205/day); NORTH AUSTRALIA→MID CHINA (19 voyages, ~$47205/day).
GUINEA
Leading signal — 7-day ballast-pull +67% (empty ships building toward this load zone (firming)). Busiest lanes out — GUINEA→NORTH CHINA (12 voyages, ~$32546/day); GUINEA→EC INDIA (5 voyages, ~$32546/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +22% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Itaguai (PAI 4.5). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (9 voyages, ~$36641/day).
NORTH CHILE
Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHILE→NORTH CHINA (3 voyages, ~$15272/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +1% (ballast interest broadly steady). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$47205/day).
Outlook (forward view)
Looking ahead, the market's momentum suggests a continued firming trend over the coming days and weeks, driven by strong day-over-day and week-over-week momentum indicators across several tonnage bands. The 7-day ballast-pull trends are particularly telling, with many load zones showing an increase in empty ships moving towards them, indicating potential future rate increases as demand is anticipated to stay robust. Bands like the 47-55K and 68-90K segments are poised for further gains due to their current vs-balanced positioning and positive momentum signals.
This outlook is grounded in the model's scenario read of market momentum and leading indicators such as ballast-pull trends, rather than a guarantee of future performance. The direction of the LSR and world port/sea ratio will be crucial in determining how long this firming trend can sustain itself, but for now, the signs point towards a continued tightening of tonnage supply against robust demand, suggesting that rates will likely continue to rise across key segments of the dry-bulk market.