Dry-bulk freight market sentiment turns cautious as DBPI slips and ballast interest thins across key load zones.
Global supply & demand
The dry-bulk freight market's DBPI pressure index has dropped to 2462.8, a day-over-day decrease of -208, indicating a slight easing in overall market pressure. The global LSR (laden sailing ratio) remains at 58%, which is roughly flat on the day and suggests that the world fleet is currently balanced, with neither a significant surplus nor deficit of open tonnage. The laden vs ballast split shows 367M dwt laden versus 263M dwt ballast, reflecting this balance. The world port/sea ratio stands at 0.55, which is below 1.0 and indicates that there are more ships sailing than tied up in ports or anchorages, a supportive factor for freight rates. Notably, the VLOC segment is firming at +119% versus balanced, driven by strong demand on routes like NORTH AUSTRALIA to NORTH CHINA, while Handysize is the softest at +22% versus balanced.
The market's overall trajectory appears influenced by these nuanced shifts in supply and demand across different tonnage bands. Despite the DBPI decrease, certain segments like VLOC are experiencing firmness due to specific route demands, highlighting the complexity of the dry-bulk freight landscape. The balance between laden and ballast tonnage, along with the port/sea ratio, underscores the market's current equilibrium state but also suggests potential for rate adjustments based on regional demand fluctuations.
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 — ~$5906/day ($+32 d/d); 2713 voyages, 4953602 kt-miles tracked
Momentum: +54% vs balanced, +2.9% day, -2.5% week (relative to a balanced market).
SOUTH NORWAY — ~$8629/day
Supply/demand — 16 ships open (~60k dwt); inbound ballast 12 vs laden 31; ballast-share 31%; demand-pull rel 1.49; scarcity 1.30. Leading signal — 7-day ballast-pull -14% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Floro (PAI 6.9), Rekefjord (PAI 6.2), Husoya (PAI 5.6). Busiest lanes out — SOUTH NORWAY→GERMANY (55 voyages, ~$7429/day); SOUTH NORWAY→SOUTH NORWAY (114 voyages, ~$7429/day); SOUTH NORWAY→DENMARK (52 voyages, ~$7429/day).
NETHERLANDS — ~$4225/day
Supply/demand — 31 ships open (~106k dwt); inbound ballast 5 vs laden 27; ballast-share 23%; demand-pull rel 0.73; scarcity 1.21. Leading signal — 7-day ballast-pull -69% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rotterdam Maasvlakte (PAI 11.2), Rotterdam Waalhaven (PAI 9.1), Vlissingen (PAI 8.3). Busiest lanes out — NETHERLANDS→SPAIN (24 voyages, ~$7207/day); NETHERLANDS→SWEDEN (26 voyages, ~$7207/day); NETHERLANDS→SOUTH NORWAY (23 voyages, ~$7207/day).
RUSSIA — ~$7311/day
Supply/demand — 25 ships open (~84k dwt); inbound ballast 84 vs laden 91; ballast-share 49%; demand-pull rel 1.27; scarcity 0.70. Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Astrakhan (PAI 8.0), Rostov-On-Don (PAI 6.2). Busiest lanes out — RUSSIA→IRAN (22 voyages, ~$7429/day); RUSSIA→WEST TURKEY (16 voyages, ~$7429/day); RUSSIA→RUSSIA (59 voyages, ~$7429/day).
GERMANY — ~$9244/day
Supply/demand — 14 ships open (~49k dwt); inbound ballast 13 vs laden 20; ballast-share 38%; demand-pull rel 1.60; scarcity 1.30. Leading signal — 7-day ballast-pull +8% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Hamburg (PAI 20.6), Rostock (PAI 16.1), Brake (PAI 9.9). Busiest lanes out — GERMANY→SOUTH NORWAY (31 voyages, ~$7429/day); GERMANY→NORTH UNITED KINGDOM (26 voyages, ~$7429/day); GERMANY→GERMANY (48 voyages, ~$7429/day).
SWEDEN — ~$9244/day
Supply/demand — 9 ships open (~33k dwt); inbound ballast 13 vs laden 23; ballast-share 35%; 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: Oxelosund (PAI 5.0), Varberg (PAI 4.5). Busiest lanes out — SWEDEN→SOUTH UNITED KINGDOM (14 voyages, ~$7429/day); SWEDEN→GERMANY (26 voyages, ~$7429/day); SWEDEN→SWEDEN (41 voyages, ~$7429/day).
5-10K — ~$6965/day ($-235 d/d); 1737 voyages, 9572958 kt-miles tracked
Momentum: +28% vs balanced, +2.7% day, -8.5% week (relative to a balanced market).
RUSSIA — ~$11090/day
Supply/demand — 26 ships open (~181k dwt); inbound ballast 106 vs laden 33; ballast-share 72%; demand-pull rel 1.60; scarcity 0.71. Leading signal — 7-day ballast-pull +8% (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 (38 voyages, ~$10228/day); RUSSIA→WEST TURKEY (19 voyages, ~$10228/day); RUSSIA→IRAN (9 voyages, ~$10228/day).
SOUTH NORWAY — ~$7947/day
Supply/demand — 7 ships open (~47k dwt); inbound ballast 5 vs laden 9; ballast-share 38%; demand-pull rel 1.15; scarcity 1.30. Leading signal — 7-day ballast-pull -55% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rafnes (PAI 5.3), Porsgrunn (PAI 4.7). Busiest lanes out — SOUTH NORWAY→GERMANY (33 voyages, ~$8313/day); SOUTH NORWAY→NETHERLANDS (19 voyages, ~$8313/day); SOUTH NORWAY→DENMARK (31 voyages, ~$8313/day).
VIETNAM — ~$8276/day
Supply/demand — 17 ships open (~127k dwt); inbound ballast 9 vs laden 20; ballast-share 36%; demand-pull rel 1.19; scarcity 1.07. Leading signal — 7-day ballast-pull +50% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 6.5). Busiest lanes out — VIETNAM→PHILIPPINES (23 voyages, ~$10228/day); VIETNAM→SOUTH KOREA (5 voyages, ~$10228/day); VIETNAM→VIETNAM (30 voyages, ~$10228/day).
SWEDEN — ~$9522/day
Supply/demand — 6 ships open (~43k dwt); inbound ballast 8 vs laden 15; ballast-share 36%; demand-pull rel 1.37; scarcity 1.30. Leading signal — 7-day ballast-pull +33% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Goteborg (PAI 6.7), Oxelosund (PAI 5.0). Busiest lanes out — SWEDEN→SPAIN (11 voyages, ~$7593/day); SWEDEN→NETHERLANDS (17 voyages, ~$7593/day); SWEDEN→SWEDEN (45 voyages, ~$7593/day).
USEC — ~$6648/day
Supply/demand — 5 ships open (~38k dwt); inbound ballast 5 vs laden 10; ballast-share 39%; demand-pull rel 0.96; scarcity 1.08. Leading signal — 7-day ballast-pull -38% (ballast interest thinning here (softening)). Busiest lanes out — USEC→MID CHINA (1 voyages, ~$8494/day); USEC→SOUTH NORWAY (2 voyages, ~$8494/day); USEC→TRINIDAD AND TOBAGO (3 voyages, ~$8494/day).
10-17.5K — ~$9433/day ($-458 d/d); 581 voyages, 14190762 kt-miles tracked
Momentum: +29% vs balanced, +0.6% day, -10.4% week (relative to a balanced market).
SOUTH JAPAN — ~$12445/day
Supply/demand — 36 ships open (~485k dwt); inbound ballast 19 vs laden 16; ballast-share 49%; demand-pull rel 1.39; scarcity 0.96. Leading signal — 7-day ballast-pull -14% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Kobe (PAI 5.0). Busiest lanes out — SOUTH JAPAN→THAILAND (16 voyages, ~$12534/day); SOUTH JAPAN→VIETNAM (12 voyages, ~$12534/day); SOUTH JAPAN→WEST INDONESIA (7 voyages, ~$12534/day).
WEST INDONESIA — ~$14343/day
Supply/demand — 11 ships open (~140k dwt); inbound ballast 11 vs laden 9; ballast-share 49%; demand-pull rel 1.60; scarcity 1.18. Leading signal — 7-day ballast-pull +10% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST INDONESIA→NORTH CHINA (8 voyages, ~$10839/day); WEST INDONESIA→SOUTH JAPAN (7 voyages, ~$10839/day); WEST INDONESIA→MID CHINA (4 voyages, ~$10839/day).
USEC — ~$13634/day
Supply/demand — 12 ships open (~173k dwt); inbound ballast 9 vs laden 10; ballast-share 46%; demand-pull rel 1.52; scarcity 1.12. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — USEC→SOUTH KOREA (2 voyages, ~$13761/day); USEC→NORTH AUSTRALIA (1 voyages, ~$13761/day); USEC→SAUDI ARABIA (1 voyages, ~$13761/day).
NORTH CHINA — ~$10606/day
Supply/demand — 21 ships open (~279k dwt); inbound ballast 7 vs laden 10; ballast-share 43%; demand-pull rel 1.18; scarcity 0.94. Leading signal — 7-day ballast-pull -12% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHINA→EAST INDONESIA (5 voyages, ~$13992/day); NORTH CHINA→WEST INDONESIA (4 voyages, ~$13992/day); NORTH CHINA→VENEZUELA (1 voyages, ~$13992/day).
VIETNAM — ~$11736/day
Supply/demand — 12 ships open (~165k dwt); inbound ballast 7 vs laden 12; ballast-share 41%; demand-pull rel 1.31; scarcity 1.08. Leading signal — 7-day ballast-pull -42% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 4.7). Busiest lanes out — VIETNAM→SOUTH JAPAN (6 voyages, ~$13511/day); VIETNAM→NORTH CHINA (4 voyages, ~$13511/day); VIETNAM→UNITED STATES PACIFIC (1 voyages, ~$13511/day).
17.5-30K — ~$12514/day ($-493 d/d); 34 voyages, 3450130 kt-miles tracked
Momentum: +45% vs balanced, +0.5% day, -3.5% week (relative to a balanced market).
FINLAND
Leading signal — 7-day ballast-pull +15% (empty ships building toward this load zone (firming)). Busiest lanes out — FINLAND→USEC (6 voyages, ~$8205/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -12% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH BRAZIL→GAMBIA (3 voyages, ~$6859/day); SOUTH BRAZIL→SPAIN MED (2 voyages, ~$6859/day).
USEC
Leading signal — 7-day ballast-pull -13% (ballast interest thinning here (softening)). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$15535/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -5% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHINA→WEST INDONESIA (6 voyages, ~$17727/day).
SWEDEN
Leading signal — 7-day ballast-pull +15% (empty ships building toward this load zone (firming)). Busiest lanes out — SWEDEN→USEC (4 voyages, ~$8205/day).
30-47K — ~$12559/day ($-493 d/d); 96 voyages, 20717486 kt-miles tracked
Momentum: +22% vs balanced, -0.8% day, +0.8% week (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull +27% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Tauranga (PAI 6.0). Busiest lanes out — NEW ZEALAND→NORTH CHINA (26 voyages, ~$12746/day); NEW ZEALAND→SOUTH KOREA (7 voyages, ~$12746/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull +16% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: San Lorenzo (PAI 23.1), Rosario (PAI 8.9), La Plata (PAI 6.5). Busiest lanes out — NORTH ARGENTINA→MOROCCO (10 voyages, ~$16579/day); NORTH ARGENTINA→ALGERIA (8 voyages, ~$16579/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Durban (PAI 5.0). Busiest lanes out — EAST SOUTH AFRICA→USEC (7 voyages, ~$8948/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull +27% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Bunbury (PAI 5.5). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (12 voyages, ~$12746/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 JAPAN (8 voyages, ~$7268/day).
47-55K — ~$19654/day ($-1326 d/d); 178 voyages, 8941790 kt-miles tracked
Momentum: +103% vs balanced, -1.0% day, +3.8% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull -24% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Caofeidian (PAI 11.1), Huanghua (PAI 9.9), Qinhuangdao (PAI 9.3). Busiest lanes out — NORTH CHINA→MID CHINA (68 voyages, ~$22272/day); NORTH CHINA→COTE D IVOIRE (2 voyages, ~$22272/day); NORTH CHINA→NORTH CHINA (62 voyages, ~$22272/day).
EAST INDONESIA
Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Busiest lanes out — EAST INDONESIA→WEST INDONESIA (12 voyages, ~$20310/day); EAST INDONESIA→COMORES ISLANDS (2 voyages, ~$20310/day).
PHILIPPINES
Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Busiest lanes out — PHILIPPINES→NORTH CHINA (12 voyages, ~$20310/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — SOUTH BRAZIL→SOUTH CHINA (2 voyages, ~$15580/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (13 voyages, ~$20310/day).
55-68K — ~$18622/day ($-1128 d/d); 100 voyages, 34970124 kt-miles tracked
Momentum: +66% vs balanced, +0.7% day, -4.5% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +15% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Tianjin (PAI 13.4), Caofeidian (PAI 10.6), Lianyungang (PAI 8.4). Busiest lanes out — NORTH CHINA→PERU (7 voyages, ~$22590/day); NORTH CHINA→MEXICO (6 voyages, ~$22590/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -12% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Santos (PAI 13.2). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (7 voyages, ~$19802/day); SOUTH BRAZIL→USEC (11 voyages, ~$19802/day).
USEC
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: New Orleans (PAI 8.2), Houston (PAI 5.3). Busiest lanes out — USEC→EGYPT MED (9 voyages, ~$20364/day); USEC→SOUTH JAPAN (6 voyages, ~$20364/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: Durban (PAI 7.5), Richards Bay (PAI 6.3), Coega (PAI 5.4). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (11 voyages, ~$16306/day).
PERU
Leading signal — 7-day ballast-pull +29% (empty ships building toward this load zone (firming)). Busiest lanes out — PERU→NORTH CHINA (7 voyages, ~$10856/day).
68-90K — ~$25030/day ($-2063 d/d); 300 voyages, 72988336 kt-miles tracked
Momentum: +115% vs balanced, -1.5% day, -4.5% week (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -9% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 18.2). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (29 voyages, ~$26604/day); EAST AUSTRALIA→SOUTH CHINA (25 voyages, ~$26604/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH JAPAN (20 voyages, ~$19969/day); UNITED STATES PACIFIC→SOUTH KOREA (17 voyages, ~$19969/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Taboneo Anch (PAI 9.7), Bunati (PAI 6.7). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (61 voyages, ~$27066/day).
NORTH CHINA
Leading signal — 7-day ballast-pull +12% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Caofeidian (PAI 9.7), Huanghua (PAI 8.2), Jingtang (PAI 6.2). Busiest lanes out — NORTH CHINA→SOUTH CHINA (76 voyages, ~$27066/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +8% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Santos (PAI 25.2), Paranagua (PAI 9.7). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (7 voyages, ~$25478/day).
90-120K — ~$29608/day ($-1516 d/d); 94 voyages, 37622094 kt-miles tracked
Momentum: +117% vs balanced, -1.2% day, +1.5% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Gladstone (PAI 5.7), Hay Point (PAI 5.4), Port Hedland (PAI 5.0). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (16 voyages, ~$30742/day); NORTH AUSTRALIA→SOUTH JAPAN (11 voyages, ~$30742/day); NORTH AUSTRALIA→MID CHINA (9 voyages, ~$30742/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 12.8). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (13 voyages, ~$30742/day); EAST AUSTRALIA→TAIWAN (10 voyages, ~$30742/day); EAST AUSTRALIA→NORTH JAPAN (8 voyages, ~$30742/day).
USEC
Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Busiest lanes out — USEC→EC INDIA (3 voyages, ~$13778/day).
120-190K — ~$32631/day ($-4667 d/d); 257 voyages, 193747647 kt-miles tracked
Momentum: +93% vs balanced, -7.5% day, -17.6% 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 30.1), Dampier (PAI 12.0), Port Walcott (PAI 11.3). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (126 voyages, ~$36279/day); NORTH AUSTRALIA→MID CHINA (40 voyages, ~$36279/day); NORTH AUSTRALIA→SOUTH CHINA (35 voyages, ~$36279/day).
PERU
Busiest lanes out — PERU→NORTH CHINA (8 voyages, ~$12680/day).
GUINEA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Bel Air Tsz (PAI 5.0). Busiest lanes out — GUINEA→NORTH CHINA (8 voyages, ~$15216/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +4% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Itaguai (PAI 5.0). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (3 voyages, ~$26242/day); SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$26242/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 6.1). Busiest lanes out — EAST AUSTRALIA→SOUTH KOREA (7 voyages, ~$36279/day).
190-250K — ~$40176/day ($-2213 d/d); 193 voyages, 181339616 kt-miles tracked
Momentum: +119% vs balanced, -0.7% day, +2.2% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +4% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Port Hedland (PAI 23.2), Port Walcott (PAI 5.5). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (85 voyages, ~$44715/day); NORTH AUSTRALIA→SOUTH JAPAN (27 voyages, ~$44715/day); NORTH AUSTRALIA→MID CHINA (19 voyages, ~$44715/day).
GUINEA
Leading signal — 7-day ballast-pull +57% (empty ships building toward this load zone (firming)). Busiest lanes out — GUINEA→NORTH CHINA (13 voyages, ~$31564/day); GUINEA→EC INDIA (5 voyages, ~$31564/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +12% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Itaguai (PAI 5.0). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (10 voyages, ~$34428/day).
NORTH CHILE
Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Busiest lanes out — NORTH CHILE→NORTH CHINA (3 voyages, ~$14467/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +4% (empty ships building toward this load zone (firming)). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$44715/day).
Outlook (forward view)
Looking ahead, the market is poised for a mixed trajectory based on momentum indicators and leading signals. The week-over-week momentum has been negative across several bands, suggesting some softening in overall market sentiment. However, day-over-day momentum figures indicate pockets of firming demand, particularly in bands with strong vs-balanced positioning like VLOC. The 7-day ballast-pull trend shows empty ships building toward certain load zones, such as NORTH AUSTRALIA and WEST INDONESIA, which could lead to rate increases in these areas as demand catches up. Conversely, thinning ballast interest in regions like SOUTH NORWAY and RUSSIA may indicate softening rates there.
Given these signals, the overall market is likely to remain range-bound in the short term, with specific bands exhibiting firmer or softer trends based on their regional demand dynamics. The VLOC segment, driven by routes such as NORTH AUSTRALIA to NORTH CHINA, is expected to firm further due to strong demand, while softer segments like Handysize may continue to see rates adjust downward due to weaker demand pull. This outlook is based on a model-and-momentum scenario read and should not be considered as investment or trading advice. The dry-bulk freight market's inherent volatility means that actual outcomes can vary significantly from projected scenarios, influenced by unforeseen changes in global trade patterns, weather conditions, and geopolitical factors.