Dry-bulk freight market edges higher on strengthening demand signals, particularly in larger tonnage bands.
Global supply & demand
The DBPI pressure index rose to 2141.0, an increase of 89 points day-over-day, indicating a neutral but firming market tone. The global LSR (laden sailing ratio) held steady at 58%, suggesting that the balance between laden and ballast tonnage remains relatively stable. However, the laden-vs-ballast split shows 372M dwt laden versus 272M dwt ballast, which could indicate a slight tightening in open tonnage availability. The world port/sea ratio of 0.53 is supportive, as it suggests that more tonnage is sailing than is tied up in ports or anchorage.
The overall trajectory of the market appears to be driven by the larger tonnage bands, where demand is firming. Notably, the VLOC segment is leading the charge with a +93% move versus balanced levels, particularly on routes such as NORTH AUSTRALIA → NORTH CHINA. In contrast, smaller coaster vessels are seeing softer demand at +19% versus balanced.
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 — ~$4743/day ($+295 d/d); 2771 voyages, 5474970 kt-miles tracked
Momentum: +38% vs balanced, +0.2% day, -16.7% week (relative to a balanced market).
SOUTH NORWAY — ~$7954/day
Supply/demand — 19 ships open (~61k dwt); inbound ballast 14 vs laden 35; ballast-share 33%; demand-pull rel 1.53; scarcity 1.30. Leading signal — 7-day ballast-pull +27% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Rekefjord (PAI 6.5), Drammen (PAI 4.4), Kragero (PAI 4.1). Busiest lanes out — SOUTH NORWAY→GERMANY (58 voyages, ~$6089/day); SOUTH NORWAY→DENMARK (55 voyages, ~$6089/day); SOUTH NORWAY→NETHERLANDS (32 voyages, ~$6089/day).
NETHERLANDS — ~$5911/day
Supply/demand — 42 ships open (~140k dwt); inbound ballast 9 vs laden 25; ballast-share 30%; demand-pull rel 1.14; scarcity 1.20. Leading signal — 7-day ballast-pull +200% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Vlissingen (PAI 9.1), Velsen Noord (PAI 6.5), Rotterdam Waalhaven (PAI 6.3). Busiest lanes out — NETHERLANDS→SPAIN (31 voyages, ~$5457/day); NETHERLANDS→SOUTH NORWAY (29 voyages, ~$5457/day); NETHERLANDS→SWEDEN (27 voyages, ~$5457/day).
RUSSIA — ~$6505/day
Supply/demand — 26 ships open (~88k dwt); inbound ballast 79 vs laden 90; ballast-share 47%; demand-pull rel 1.26; scarcity 0.75. Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Astrakhan (PAI 8.2), Rostov-On-Don (PAI 7.8). Busiest lanes out — RUSSIA→IRAN (21 voyages, ~$6264/day); RUSSIA→WEST TURKEY (18 voyages, ~$6264/day); RUSSIA→NORTH TURKEY (22 voyages, ~$6264/day).
SPAIN — ~$6900/day
Supply/demand — 7 ships open (~29k dwt); inbound ballast 12 vs laden 31; ballast-share 32%; demand-pull rel 1.33; scarcity 1.18. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Gijon (PAI 5.0), Santander (PAI 4.1). Busiest lanes out — SPAIN→NETHERLANDS (20 voyages, ~$6264/day); SPAIN→SOUTH UNITED KINGDOM (22 voyages, ~$6264/day); SPAIN→NORTH UNITED KINGDOM (15 voyages, ~$6264/day).
GERMANY — ~$8084/day
Supply/demand — 18 ships open (~63k dwt); inbound ballast 12 vs laden 24; ballast-share 34%; demand-pull rel 1.56; scarcity 1.30. Leading signal — 7-day ballast-pull +20% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Hamburg (PAI 17.6), Rostock (PAI 16.5), Brake (PAI 10.4). Busiest lanes out — GERMANY→SOUTH NORWAY (30 voyages, ~$6264/day); GERMANY→SPAIN (13 voyages, ~$6264/day); GERMANY→NORTH UNITED KINGDOM (23 voyages, ~$6264/day).
5-10K — ~$6410/day ($+431 d/d); 1953 voyages, 11162560 kt-miles tracked
Momentum: +19% vs balanced, +0.6% day, -13.9% week (relative to a balanced market).
RUSSIA — ~$10398/day
Supply/demand — 32 ships open (~225k dwt); inbound ballast 96 vs laden 28; ballast-share 73%; demand-pull rel 1.60; scarcity 0.71. Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 6.4), Kavkaz (PAI 6.1). Busiest lanes out — RUSSIA→WEST TURKEY (27 voyages, ~$9222/day); RUSSIA→NORTH TURKEY (37 voyages, ~$9222/day); RUSSIA→IRAN (14 voyages, ~$9222/day).
VIETNAM — ~$7980/day
Supply/demand — 16 ships open (~124k dwt); inbound ballast 8 vs laden 12; ballast-share 41%; demand-pull rel 1.23; scarcity 1.10. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 4.0). Busiest lanes out — VIETNAM→PHILIPPINES (28 voyages, ~$6162/day); VIETNAM→SOUTH KOREA (5 voyages, ~$6162/day); VIETNAM→VIETNAM (44 voyages, ~$6162/day).
SOUTH NORWAY — ~$9033/day
Supply/demand — 12 ships open (~81k dwt); inbound ballast 8 vs laden 13; ballast-share 39%; demand-pull rel 1.39; scarcity 1.30. Leading signal — 7-day ballast-pull +60% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Drammen (PAI 4.0). Busiest lanes out — SOUTH NORWAY→GERMANY (36 voyages, ~$8210/day); SOUTH NORWAY→DENMARK (33 voyages, ~$8210/day); SOUTH NORWAY→SOUTH NORWAY (58 voyages, ~$8210/day).
SOUTH JAPAN — ~$9648/day
Supply/demand — 9 ships open (~58k dwt); inbound ballast 12 vs laden 18; ballast-share 41%; demand-pull rel 1.49; scarcity 1.14. Leading signal — 7-day ballast-pull +71% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH JAPAN→THAILAND (4 voyages, ~$8788/day); SOUTH JAPAN→SOUTH KOREA (31 voyages, ~$8788/day); SOUTH JAPAN→PHILIPPINES (5 voyages, ~$8788/day).
WEST INDONESIA — ~$9984/day
Supply/demand — 20 ships open (~145k dwt); inbound ballast 14 vs laden 20; ballast-share 44%; demand-pull rel 1.54; scarcity 1.09. Leading signal — 7-day ballast-pull -18% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Surabaya (PAI 4.4). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (17 voyages, ~$9222/day); WEST INDONESIA→WEST INDONESIA (82 voyages, ~$9222/day); WEST INDONESIA→SOUTH KOREA (2 voyages, ~$9222/day).
10-17.5K — ~$8852/day ($+216 d/d); 673 voyages, 16840641 kt-miles tracked
Momentum: +27% vs balanced, -2.0% day, -12.3% week (relative to a balanced market).
SOUTH JAPAN — ~$12570/day
Supply/demand — 29 ships open (~384k dwt); inbound ballast 18 vs laden 23; ballast-share 44%; demand-pull rel 1.37; scarcity 1.03. Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Fukuyama (PAI 6.7). Busiest lanes out — SOUTH JAPAN→THAILAND (18 voyages, ~$13058/day); SOUTH JAPAN→VIETNAM (14 voyages, ~$13058/day); SOUTH JAPAN→WEST INDONESIA (8 voyages, ~$13058/day).
WEST INDONESIA — ~$14713/day
Supply/demand — 18 ships open (~224k dwt); inbound ballast 11 vs laden 6; ballast-share 52%; demand-pull rel 1.60; scarcity 1.17. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (12 voyages, ~$10455/day); WEST INDONESIA→NORTH JAPAN (8 voyages, ~$10455/day); WEST INDONESIA→NORTH CHINA (8 voyages, ~$10455/day).
VIETNAM — ~$13026/day
Supply/demand — 13 ships open (~168k dwt); inbound ballast 8 vs laden 11; ballast-share 43%; demand-pull rel 1.42; scarcity 1.07. Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 4.1). Busiest lanes out — VIETNAM→SOUTH JAPAN (9 voyages, ~$10277/day); VIETNAM→NORTH CHINA (6 voyages, ~$10277/day); VIETNAM→FRANCE (2 voyages, ~$10277/day).
MID CHINA — ~$13478/day
Supply/demand — 20 ships open (~258k dwt); inbound ballast 14 vs laden 10; ballast-share 49%; demand-pull rel 1.47; scarcity 0.97. Leading signal — 7-day ballast-pull +8% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Shanghai (PAI 6.0). Busiest lanes out — MID CHINA→SOUTH MALAYSIA (7 voyages, ~$10209/day); MID CHINA→EAST INDONESIA (6 voyages, ~$10209/day); MID CHINA→WC INDIA (4 voyages, ~$10209/day).
EAST INDONESIA — ~$11539/day
Supply/demand — 8 ships open (~107k dwt); inbound ballast 11 vs laden 10; ballast-share 46%; demand-pull rel 1.25; scarcity 0.90. Leading signal — 7-day ballast-pull +120% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Obi Island (PAI 4.1). Busiest lanes out — EAST INDONESIA→SOUTH CHINA (8 voyages, ~$11600/day); EAST INDONESIA→NORTH CHINA (6 voyages, ~$11600/day); EAST INDONESIA→MID CHINA (5 voyages, ~$11600/day).
17.5-30K — ~$13111/day ($+950 d/d); 72 voyages, 4207605 kt-miles tracked
Momentum: +48% vs balanced, -4.1% day, -3.0% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +77% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Tianjin (PAI 5.4). Busiest lanes out — NORTH CHINA→WEST INDONESIA (9 voyages, ~$15018/day); NORTH CHINA→MID CHINA (24 voyages, ~$15018/day).
FINLAND
Leading signal — 7-day ballast-pull +20% (empty ships building toward this load zone (firming)). Busiest lanes out — FINLAND→USEC (7 voyages, ~$11744/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (7 voyages, ~$15238/day).
USEC
Leading signal — 7-day ballast-pull +67% (empty ships building toward this load zone (firming)). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$10871/day).
SOUTH JAPAN
Leading signal — 7-day ballast-pull +77% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH JAPAN→BANGLADESH (6 voyages, ~$15018/day).
30-47K — ~$12841/day ($+1553 d/d); 113 voyages, 24242682 kt-miles tracked
Momentum: +27% vs balanced, +4.6% day, -0.9% week (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tauranga (PAI 6.3). Busiest lanes out — NEW ZEALAND→NORTH CHINA (31 voyages, ~$13174/day); NEW ZEALAND→MID CHINA (7 voyages, ~$13174/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull +7% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: San Lorenzo (PAI 26.3), Rosario (PAI 10.6). Busiest lanes out — NORTH ARGENTINA→MOROCCO (10 voyages, ~$16667/day); NORTH ARGENTINA→ALGERIA (9 voyages, ~$16667/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Bunbury (PAI 4.5). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (15 voyages, ~$13174/day).
BALTIC RUSSIA
Leading signal — 7-day ballast-pull +23% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: St Petersburg (PAI 7.6), Ust-Luga (PAI 6.2). Busiest lanes out — BALTIC RUSSIA→SOUTH BRAZIL (9 voyages, ~$13684/day).
WC CANADA
Leading signal — 7-day ballast-pull +50% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Vancouver (PAI 6.2). Busiest lanes out — WC CANADA→SOUTH JAPAN (10 voyages, ~$8004/day).
47-55K — ~$18363/day ($+391 d/d); 157 voyages, 10380578 kt-miles tracked
Momentum: +80% vs balanced, -1.7% day, -15.2% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +26% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Caofeidian (PAI 12.3), Huanghua (PAI 11.3), Qinhuangdao (PAI 11.1). Busiest lanes out — NORTH CHINA→MID CHINA (86 voyages, ~$20384/day); NORTH CHINA→NAMIBIA (2 voyages, ~$20384/day); NORTH CHINA→SOUTH CHINA (14 voyages, ~$20384/day).
PHILIPPINES
Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Busiest lanes out — PHILIPPINES→NORTH CHINA (15 voyages, ~$20544/day).
SOUTH CHILE
Leading signal — 7-day ballast-pull -50% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH CHILE→NORTH CHINA (2 voyages, ~$6647/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -41% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH BRAZIL→SOUTH CHINA (2 voyages, ~$14502/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (13 voyages, ~$20544/day).
55-68K — ~$16335/day ($+444 d/d); 147 voyages, 46075308 kt-miles tracked
Momentum: +44% vs balanced, -1.5% day, -18.8% week (relative to a balanced market).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Durban (PAI 7.1), Richards Bay (PAI 6.9), Port Elizabeth (PAI 6.2). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (14 voyages, ~$15914/day); EAST SOUTH AFRICA→PAKISTAN (14 voyages, ~$15914/day); EAST SOUTH AFRICA→VIETNAM (10 voyages, ~$15914/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +18% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Santos (PAI 12.8), Portocel (PAI 4.0). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (10 voyages, ~$15808/day); SOUTH BRAZIL→USEC (17 voyages, ~$15808/day).
PERU
Leading signal — 7-day ballast-pull -29% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (9 voyages, ~$9097/day).
NORTH CHINA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tianjin (PAI 15.5), Caofeidian (PAI 7.5), Lianyungang (PAI 7.4). Busiest lanes out — NORTH CHINA→PERU (9 voyages, ~$22035/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +23% (empty ships building toward this load zone (firming)). Busiest lanes out — UNITED STATES PACIFIC→PHILIPPINES (12 voyages, ~$12216/day).
68-90K — ~$20487/day ($+1886 d/d); 424 voyages, 96357793 kt-miles tracked
Momentum: +86% vs balanced, -6.1% day, -21.2% week (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Newcastle (PAI 19.8). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (35 voyages, ~$19390/day); EAST AUSTRALIA→SOUTH CHINA (36 voyages, ~$19390/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +12% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Taboneo Anch (PAI 9.8), Bunati (PAI 7.1), Adang Bay (PAI 4.5). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (94 voyages, ~$24087/day); WEST INDONESIA→MID CHINA (42 voyages, ~$24087/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Santos (PAI 28.6), Paranagua (PAI 9.3), Rio Grande (PAI 4.6). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (11 voyages, ~$20766/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Kalama (PAI 4.0). Busiest lanes out — UNITED STATES PACIFIC→SOUTH JAPAN (24 voyages, ~$11996/day).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -10% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hay Point (PAI 12.0), Gladstone (PAI 9.8), Abbot Point (PAI 4.6). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (26 voyages, ~$19390/day).
90-120K — ~$22919/day ($-4915 d/d); 131 voyages, 50921072 kt-miles tracked
Momentum: +71% vs balanced, -14.6% day, -24.2% 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: Gladstone (PAI 5.4), Port Hedland (PAI 5.1), Hay Point (PAI 5.0). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (30 voyages, ~$23587/day); NORTH AUSTRALIA→VIETNAM (17 voyages, ~$23587/day); NORTH AUSTRALIA→MID CHINA (12 voyages, ~$23587/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +4% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Newcastle (PAI 12.2). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (19 voyages, ~$23587/day); EAST AUSTRALIA→NORTH JAPAN (11 voyages, ~$23587/day); EAST AUSTRALIA→TAIWAN (10 voyages, ~$23587/day).
WC CANADA
Leading signal — 7-day ballast-pull -50% (ballast interest thinning here (softening)). Busiest lanes out — WC CANADA→SOUTH JAPAN (6 voyages, ~$11430/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull +4% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (6 voyages, ~$23587/day).
120-190K — ~$26702/day ($+236 d/d); 307 voyages, 231759377 kt-miles tracked
Momentum: +59% vs balanced, -3.8% day, -29.9% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Port Hedland (PAI 30.8), Port Walcott (PAI 13.2), Dampier (PAI 10.9). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (154 voyages, ~$28030/day); NORTH AUSTRALIA→MID CHINA (44 voyages, ~$28030/day); NORTH AUSTRALIA→SOUTH CHINA (47 voyages, ~$28030/day).
GUINEA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Bel Air Tsz (PAI 4.6). Busiest lanes out — GUINEA→NORTH CHINA (11 voyages, ~$16679/day).
PERU
Leading signal — 7-day ballast-pull +33% (empty ships building toward this load zone (firming)). Busiest lanes out — PERU→NORTH CHINA (6 voyages, ~$11889/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Itaguai (PAI 5.0). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (5 voyages, ~$29828/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Busiest lanes out — NORTH ARGENTINA→NORTH CHINA (4 voyages, ~$29828/day).
190-250K — ~$36857/day ($+2838 d/d); 227 voyages, 215046909 kt-miles tracked
Momentum: +93% vs balanced, +2.1% day, -18.3% 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 27.1), Port Walcott (PAI 7.2), Dampier (PAI 4.8). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (100 voyages, ~$41894/day); NORTH AUSTRALIA→SOUTH JAPAN (33 voyages, ~$41894/day); NORTH AUSTRALIA→MID CHINA (25 voyages, ~$41894/day).
GUINEA
Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Busiest lanes out — GUINEA→NORTH CHINA (14 voyages, ~$27480/day); GUINEA→EC INDIA (5 voyages, ~$27480/day); GUINEA→SOUTH CHINA (4 voyages, ~$27480/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -2% (ballast interest broadly steady). Load hubs where cargo is concentrating: Itaguai (PAI 6.0). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (11 voyages, ~$29399/day).
NORTH CHILE
Leading signal — 7-day ballast-pull +50% (empty ships building toward this load zone (firming)). Busiest lanes out — NORTH CHILE→NORTH CHINA (5 voyages, ~$22247/day).
Outlook (forward view)
Based on forward-looking indicators, the market is expected to continue firming over the coming days and weeks, driven primarily by strengthening demand signals in the larger tonnage bands. The 7-day ballast-pull trend shows empty ships building toward key load zones such as NORTH CHINA, SOUTH JAPAN, and WEST INDONESIA, which should lead to higher rates as these vessels become laden. The world port/sea ratio and LSR direction also support a firming market tone. Specifically, the 47-55K, 68-90K, and 190-250K tonnage bands are expected to see the strongest gains due to their favorable vs-balanced positioning and positive momentum indicators. However, it's essential to note that this is a model-and-momentum scenario read, not a guarantee, and actual market movements may vary based on various factors, including changes in supply and demand fundamentals.