Dry-bulk freight market sees mixed signals as DBPI edges up, but momentum varies across tonnage bands.
Global supply & demand
The DBPI pressure index stood at 2146.9, a neutral level, with a day-over-day increase of +1, indicating a slight tightening in the market. The global LSR (laden sailing ratio) remained flat at 57%, suggesting that the balance between laden and ballast tonnage is stable for now. However, the world port/sea ratio of 0.55 indicates that there is still more tonnage sailing than tied up in ports or anchorages, which could temper rate increases. The most notable segments, such as the VLOCs (Very Large Ore Carriers), are showing firmness, particularly on routes like NORTH AUSTRALIA to NORTH CHINA, while others, like the coaster segment, are softer.
The laden versus ballast split shows 365M dwt laden versus 271M dwt ballast, indicating a moderate level of open tonnage. This balance is crucial as it influences the trajectory of freight rates across different segments and regions. The overall picture suggests that while there are areas of strength, the market as a whole remains in a state of flux.
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 — ~$4513/day ($-20 d/d); 2666 voyages, 5372365 kt-miles tracked
Momentum: +27% vs balanced, -5.1% day, -13.2% week (relative to a balanced market).
SOUTH NORWAY — ~$7191/day
Supply/demand — 14 ships open (~46k dwt); inbound ballast 10 vs laden 33; ballast-share 28%; demand-pull rel 1.36; scarcity 1.30. Leading signal — 7-day ballast-pull -38% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rekefjord (PAI 6.9), Kragero (PAI 4.5), Drammen (PAI 4.5). Busiest lanes out — SOUTH NORWAY→GERMANY (58 voyages, ~$5830/day); SOUTH NORWAY→DENMARK (57 voyages, ~$5830/day); SOUTH NORWAY→SOUTH NORWAY (98 voyages, ~$5830/day).
NETHERLANDS — ~$8333/day
Supply/demand — 46 ships open (~161k dwt); inbound ballast 10 vs laden 16; ballast-share 36%; demand-pull rel 1.58; scarcity 1.17. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Vlissingen (PAI 9.4), Velsen Noord (PAI 6.9), Rotterdam Waalhaven (PAI 6.7). Busiest lanes out — NETHERLANDS→SPAIN (32 voyages, ~$4519/day); NETHERLANDS→SOUTH NORWAY (25 voyages, ~$4519/day); NETHERLANDS→SWEDEN (24 voyages, ~$4519/day).
RUSSIA — ~$7342/day
Supply/demand — 33 ships open (~112k dwt); inbound ballast 75 vs laden 76; ballast-share 50%; demand-pull rel 1.39; scarcity 0.74. Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Astrakhan (PAI 8.4), Rostov-On-Don (PAI 7.5), Azov (PAI 3.9). Busiest lanes out — RUSSIA→IRAN (20 voyages, ~$6469/day); RUSSIA→WEST TURKEY (17 voyages, ~$6469/day); RUSSIA→NORTH TURKEY (26 voyages, ~$6469/day).
SPAIN — ~$7222/day
Supply/demand — 11 ships open (~43k dwt); inbound ballast 10 vs laden 25; ballast-share 32%; demand-pull rel 1.37; scarcity 1.13. Leading signal — 7-day ballast-pull -44% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Santander (PAI 4.3). Busiest lanes out — SPAIN→NETHERLANDS (19 voyages, ~$5668/day); SPAIN→SOUTH UNITED KINGDOM (21 voyages, ~$5668/day); SPAIN→NORTH UNITED KINGDOM (16 voyages, ~$5668/day).
GERMANY — ~$6509/day
Supply/demand — 18 ships open (~62k dwt); inbound ballast 7 vs laden 21; ballast-share 30%; demand-pull rel 1.23; scarcity 1.30. Leading signal — 7-day ballast-pull -61% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hamburg (PAI 18.4), Rostock (PAI 16.4), Brake (PAI 10.1). Busiest lanes out — GERMANY→SOUTH NORWAY (28 voyages, ~$5287/day); GERMANY→NORTH UNITED KINGDOM (24 voyages, ~$5287/day); GERMANY→SPAIN (11 voyages, ~$5287/day).
5-10K — ~$6173/day ($-78 d/d); 1896 voyages, 10736607 kt-miles tracked
Momentum: +17% vs balanced, -0.2% day, -3.9% week (relative to a balanced market).
RUSSIA — ~$10269/day
Supply/demand — 23 ships open (~153k dwt); inbound ballast 100 vs laden 27; ballast-share 74%; demand-pull rel 1.60; scarcity 0.70. Leading signal — 7-day ballast-pull -5% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 6.3). Busiest lanes out — RUSSIA→WEST TURKEY (29 voyages, ~$9525/day); RUSSIA→NORTH TURKEY (41 voyages, ~$9525/day); RUSSIA→IRAN (10 voyages, ~$9525/day).
VIETNAM — ~$5577/day
Supply/demand — 15 ships open (~111k dwt); inbound ballast 6 vs laden 20; ballast-share 33%; demand-pull rel 0.87; scarcity 1.10. Leading signal — 7-day ballast-pull -33% (ballast interest thinning here (softening)). Busiest lanes out — VIETNAM→PHILIPPINES (26 voyages, ~$7926/day); VIETNAM→VIETNAM (43 voyages, ~$7926/day); VIETNAM→SOUTH KOREA (4 voyages, ~$7926/day).
SOUTH NORWAY — ~$8617/day
Supply/demand — 10 ships open (~70k dwt); inbound ballast 7 vs laden 14; ballast-share 40%; demand-pull rel 1.34; scarcity 1.30. Leading signal — 7-day ballast-pull +75% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Drammen (PAI 4.0). Busiest lanes out — SOUTH NORWAY→GERMANY (35 voyages, ~$7762/day); SOUTH NORWAY→DENMARK (33 voyages, ~$7762/day); SOUTH NORWAY→NETHERLANDS (18 voyages, ~$7762/day).
WEST INDONESIA — ~$10269/day
Supply/demand — 15 ships open (~112k dwt); inbound ballast 12 vs laden 17; ballast-share 45%; demand-pull rel 1.60; scarcity 1.14. Leading signal — 7-day ballast-pull -29% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Surabaya (PAI 4.9). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (16 voyages, ~$8778/day); WEST INDONESIA→WEST INDONESIA (79 voyages, ~$8778/day); WEST INDONESIA→SOUTH KOREA (2 voyages, ~$8778/day).
SOUTH JAPAN — ~$9650/day
Supply/demand — 14 ships open (~102k dwt); inbound ballast 10 vs laden 10; ballast-share 45%; demand-pull rel 1.50; scarcity 1.07. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — SOUTH JAPAN→SOUTH KOREA (30 voyages, ~$6436/day); SOUTH JAPAN→PHILIPPINES (5 voyages, ~$6436/day); SOUTH JAPAN→MID CHINA (12 voyages, ~$6436/day).
10-17.5K — ~$8875/day ($+53 d/d); 687 voyages, 16997621 kt-miles tracked
Momentum: +19% vs balanced, -1.7% day, -14.4% week (relative to a balanced market).
SOUTH JAPAN — ~$13875/day
Supply/demand — 28 ships open (~375k dwt); inbound ballast 14 vs laden 14; ballast-share 46%; demand-pull rel 1.49; scarcity 1.04. Leading signal — 7-day ballast-pull -26% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Fukuyama (PAI 7.5). Busiest lanes out — SOUTH JAPAN→THAILAND (18 voyages, ~$12127/day); SOUTH JAPAN→VIETNAM (16 voyages, ~$12127/day); SOUTH JAPAN→WEST INDONESIA (6 voyages, ~$12127/day).
WEST INDONESIA — ~$14870/day
Supply/demand — 17 ships open (~213k dwt); inbound ballast 10 vs laden 9; ballast-share 47%; demand-pull rel 1.60; scarcity 1.16. Leading signal — 7-day ballast-pull -17% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (13 voyages, ~$11208/day); WEST INDONESIA→NORTH JAPAN (7 voyages, ~$11208/day); WEST INDONESIA→NORTH CHINA (7 voyages, ~$11208/day).
VIETNAM — ~$11703/day
Supply/demand — 16 ships open (~214k dwt); inbound ballast 8 vs laden 13; ballast-share 40%; demand-pull rel 1.26; scarcity 1.01. Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 4.5). Busiest lanes out — VIETNAM→SOUTH JAPAN (9 voyages, ~$12231/day); VIETNAM→NORTH CHINA (6 voyages, ~$12231/day); VIETNAM→FRANCE (2 voyages, ~$12231/day).
EAST INDONESIA — ~$11785/day
Supply/demand — 7 ships open (~89k dwt); inbound ballast 9 vs laden 10; ballast-share 44%; demand-pull rel 1.27; scarcity 0.94. Leading signal — 7-day ballast-pull +80% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Obi Island (PAI 4.4). Busiest lanes out — EAST INDONESIA→SOUTH CHINA (11 voyages, ~$10838/day); EAST INDONESIA→NORTH CHINA (7 voyages, ~$10838/day); EAST INDONESIA→MID CHINA (5 voyages, ~$10838/day).
MID CHINA — ~$13151/day
Supply/demand — 19 ships open (~251k dwt); inbound ballast 16 vs laden 13; ballast-share 49%; demand-pull rel 1.42; scarcity 0.94. Leading signal — 7-day ballast-pull +45% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Shanghai (PAI 6.5). Busiest lanes out — MID CHINA→WC INDIA (5 voyages, ~$11626/day); MID CHINA→SOUTH MALAYSIA (6 voyages, ~$11626/day); MID CHINA→EAST INDONESIA (6 voyages, ~$11626/day).
17.5-30K — ~$12849/day ($-587 d/d); 64 voyages, 3805259 kt-miles tracked
Momentum: +53% vs balanced, -3.4% day, +11.2% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +8% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Tianjin (PAI 5.6). Busiest lanes out — NORTH CHINA→WEST INDONESIA (8 voyages, ~$16007/day); NORTH CHINA→MID CHINA (23 voyages, ~$16007/day).
USEC
Leading signal — 7-day ballast-pull +29% (empty ships building toward this load zone (firming)). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$10833/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (6 voyages, ~$16180/day).
FINLAND
Leading signal — 7-day ballast-pull -36% (ballast interest thinning here (softening)). Busiest lanes out — FINLAND→USEC (5 voyages, ~$11372/day).
SOUTH JAPAN
Leading signal — 7-day ballast-pull +8% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH JAPAN→BANGLADESH (5 voyages, ~$16007/day).
30-47K — ~$12966/day ($+359 d/d); 110 voyages, 23083156 kt-miles tracked
Momentum: +26% vs balanced, -5.4% day, +12.0% week (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tauranga (PAI 6.1). Busiest lanes out — NEW ZEALAND→NORTH CHINA (30 voyages, ~$15059/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: San Lorenzo (PAI 27.8), Rosario (PAI 10.8). Busiest lanes out — NORTH ARGENTINA→MOROCCO (12 voyages, ~$16113/day); NORTH ARGENTINA→ALGERIA (7 voyages, ~$16113/day).
WC CANADA
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Vancouver (PAI 7.2). Busiest lanes out — WC CANADA→SOUTH JAPAN (12 voyages, ~$6926/day); WC CANADA→MID CHINA (6 voyages, ~$6926/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Bunbury (PAI 4.9). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (13 voyages, ~$15059/day).
BALTIC RUSSIA
Leading signal — 7-day ballast-pull +2% (ballast interest broadly steady). Load hubs where cargo is concentrating: St Petersburg (PAI 7.6), Ust-Luga (PAI 6.5). Busiest lanes out — BALTIC RUSSIA→SOUTH BRAZIL (7 voyages, ~$13195/day).
47-55K — ~$18070/day ($-16 d/d); 156 voyages, 10965729 kt-miles tracked
Momentum: +75% vs balanced, -0.9% day, -8.0% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +44% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Caofeidian (PAI 12.0), Huanghua (PAI 10.6), Qinhuangdao (PAI 10.5). Busiest lanes out — NORTH CHINA→MID CHINA (83 voyages, ~$21128/day); NORTH CHINA→NAMIBIA (2 voyages, ~$21128/day); NORTH CHINA→SOUTH CHINA (14 voyages, ~$21128/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$15527/day).
PHILIPPINES
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — PHILIPPINES→NORTH CHINA (13 voyages, ~$21199/day).
SOUTH CHILE
Leading signal — 7-day ballast-pull -50% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH CHILE→NORTH CHINA (2 voyages, ~$6858/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (15 voyages, ~$21199/day).
55-68K — ~$16083/day ($+297 d/d); 139 voyages, 45962894 kt-miles tracked
Momentum: +40% vs balanced, -1.9% day, -13.7% week (relative to a balanced market).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Santos (PAI 12.9), Portocel (PAI 4.0). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (10 voyages, ~$15686/day); SOUTH BRAZIL→USEC (17 voyages, ~$15686/day); SOUTH BRAZIL→NORTH CHINA (6 voyages, ~$15686/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull -17% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Durban (PAI 7.3), Richards Bay (PAI 6.8), Port Elizabeth (PAI 6.2). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (15 voyages, ~$14904/day); EAST SOUTH AFRICA→PAKISTAN (12 voyages, ~$14904/day).
PERU
Leading signal — 7-day ballast-pull -26% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (9 voyages, ~$10334/day).
NORTH CHINA
Leading signal — 7-day ballast-pull +2% (ballast interest broadly steady). Load hubs where cargo is concentrating: Tianjin (PAI 15.8), Caofeidian (PAI 7.8), Lianyungang (PAI 7.1). Busiest lanes out — NORTH CHINA→PERU (9 voyages, ~$22245/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Busiest lanes out — UNITED STATES PACIFIC→PHILIPPINES (10 voyages, ~$8456/day).
68-90K — ~$20186/day ($+361 d/d); 424 voyages, 98603471 kt-miles tracked
Momentum: +85% vs balanced, -2.8% day, -9.8% week (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +16% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Newcastle (PAI 21.0). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (35 voyages, ~$17465/day); EAST AUSTRALIA→SOUTH CHINA (37 voyages, ~$17465/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +18% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Taboneo Anch (PAI 9.9), Bunati (PAI 7.3), Tanjung Pemancingan (PAI 4.9). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (90 voyages, ~$24871/day); WEST INDONESIA→MID CHINA (43 voyages, ~$24871/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +1% (ballast interest broadly steady). Load hubs where cargo is concentrating: Santos (PAI 25.8), Paranagua (PAI 8.7), Tubarao (PAI 4.3). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (13 voyages, ~$22530/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH JAPAN (24 voyages, ~$12069/day).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +16% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Hay Point (PAI 11.7), Gladstone (PAI 9.0), Abbot Point (PAI 5.1). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (26 voyages, ~$17465/day).
90-120K — ~$23971/day ($+311 d/d); 133 voyages, 51944126 kt-miles tracked
Momentum: +81% vs balanced, -0.9% day, -13.5% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Gladstone (PAI 6.1), Hay Point (PAI 5.1), Port Hedland (PAI 4.9). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (34 voyages, ~$24781/day); NORTH AUSTRALIA→SOUTH JAPAN (13 voyages, ~$24781/day); NORTH AUSTRALIA→VIETNAM (16 voyages, ~$24781/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Newcastle (PAI 13.5). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (16 voyages, ~$24781/day); EAST AUSTRALIA→NORTH JAPAN (12 voyages, ~$24781/day); EAST AUSTRALIA→TAIWAN (11 voyages, ~$24781/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (7 voyages, ~$24781/day).
WC CANADA
Leading signal — 7-day ballast-pull +100% (empty ships building toward this load zone (firming)). Busiest lanes out — WC CANADA→SOUTH JAPAN (6 voyages, ~$9744/day).
120-190K — ~$28430/day ($+343 d/d); 312 voyages, 237431994 kt-miles tracked
Momentum: +72% vs balanced, -4.2% day, -15.5% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +10% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Port Hedland (PAI 29.0), Port Walcott (PAI 12.9), Dampier (PAI 11.0). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (155 voyages, ~$29722/day); NORTH AUSTRALIA→MID CHINA (50 voyages, ~$29722/day); NORTH AUSTRALIA→SOUTH CHINA (46 voyages, ~$29722/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 4.5). Busiest lanes out — GUINEA→NORTH CHINA (14 voyages, ~$19128/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Itaguai (PAI 7.0). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (5 voyages, ~$35117/day).
PERU
Leading signal — 7-day ballast-pull +33% (empty ships building toward this load zone (firming)). Busiest lanes out — PERU→NORTH CHINA (5 voyages, ~$12274/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Busiest lanes out — NORTH ARGENTINA→NORTH CHINA (4 voyages, ~$35117/day).
190-250K — ~$35125/day ($-2078 d/d); 235 voyages, 220704837 kt-miles tracked
Momentum: +93% vs balanced, -3.7% day, -9.8% 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: Port Hedland (PAI 28.5), Port Walcott (PAI 7.5), Dampier (PAI 6.3). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (103 voyages, ~$39519/day); NORTH AUSTRALIA→SOUTH JAPAN (35 voyages, ~$39519/day); NORTH AUSTRALIA→MID CHINA (29 voyages, ~$39519/day).
GUINEA
Leading signal — 7-day ballast-pull -36% (ballast interest thinning here (softening)). Busiest lanes out — GUINEA→NORTH CHINA (16 voyages, ~$20293/day); GUINEA→SOUTH CHINA (5 voyages, ~$20293/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +11% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Itaguai (PAI 8.9). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (10 voyages, ~$35464/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, ~$22615/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$39519/day).
Outlook (forward view)
Looking ahead, the momentum indicators suggest a mixed bag for the dry-bulk market. The day-over-day and week-over-week changes in momentum, along with the vs-balanced positioning of each band, indicate that some segments are poised to firm up, while others may soften. The 7-day ballast-pull trend is particularly telling, as it shows where empty ships are heading, which can be a leading indicator of future rate movements. Bands like the 190-250K segment, with notable routes such as NORTH AUSTRALIA to NORTH CHINA, show signs of firming due to increasing ballast-pull and strong momentum. However, this is a model-and-momentum scenario read, not a guarantee, and actual market movements can be influenced by a myriad of factors not captured here. Given the current signals, it seems that the overall market might experience a range-bound scenario in the short term, with specific segments showing more pronounced directional moves based on their unique supply-demand dynamics and leading indicators like ballast-pull trends.