Dry-bulk freight rates firm on rising demand, led by VLOCs on North Australia to North China routes.
Global supply & demand
The DBPI pressure index rose to 2301.2, up 154 points day-over-day, indicating a neutral-to-firming tone in the global dry-bulk market. The Laden Sailing Ratio (LSR) held steady at 57%, with 366 million dwt laden and 271 million dwt ballast, pointing to balanced tonnage availability. The world port/sea ratio of 0.54 suggests that there is more tonnage sailing than tied up in ports, which is supportive of rates. Notably, the VLOC segment is showing strength, particularly on routes from North Australia to North China.
The overall trajectory of the market appears to be driven by the balance between supply and demand, with certain regions like North Australia and South Brazil exhibiting firmer tones due to increased demand for their cargoes. The DBPI's day-over-day increase suggests that rates are under upward pressure, but it's essential to consider the momentum and leading indicators in each segment to gauge the sustainability of this trend.
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 — ~$4538/day ($+25 d/d); 2598 voyages, 5320494 kt-miles tracked
Momentum: +33% vs balanced, -0.5% day, -6.6% week (relative to a balanced market).
SOUTH NORWAY — ~$7281/day
Supply/demand — 16 ships open (~60k dwt); inbound ballast 14 vs laden 35; ballast-share 32%; demand-pull rel 1.46; scarcity 1.30. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Rekefjord (PAI 6.8), Drammen (PAI 4.4), Eikefet (PAI 4.4). Busiest lanes out — SOUTH NORWAY→GERMANY (52 voyages, ~$5847/day); SOUTH NORWAY→DENMARK (58 voyages, ~$5847/day); SOUTH NORWAY→NETHERLANDS (31 voyages, ~$5847/day).
NETHERLANDS — ~$7978/day
Supply/demand — 39 ships open (~134k dwt); inbound ballast 16 vs laden 17; ballast-share 44%; demand-pull rel 1.60; scarcity 1.20. Leading signal — 7-day ballast-pull +23% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Vlissingen (PAI 9.2), Velsen Noord (PAI 7.2), Rotterdam Waalhaven (PAI 6.8). Busiest lanes out — NETHERLANDS→SPAIN (31 voyages, ~$4838/day); NETHERLANDS→SOUTH NORWAY (24 voyages, ~$4838/day); NETHERLANDS→SWEDEN (23 voyages, ~$4838/day).
RUSSIA — ~$6781/day
Supply/demand — 31 ships open (~108k dwt); inbound ballast 76 vs laden 78; ballast-share 50%; demand-pull rel 1.36; scarcity 0.77. Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Astrakhan (PAI 8.6), Rostov-On-Don (PAI 7.7), Azov (PAI 3.9). Busiest lanes out — RUSSIA→IRAN (20 voyages, ~$6343/day); RUSSIA→WEST TURKEY (17 voyages, ~$6343/day); RUSSIA→NORTH TURKEY (26 voyages, ~$6343/day).
SPAIN — ~$5647/day
Supply/demand — 12 ships open (~47k dwt); inbound ballast 9 vs laden 29; ballast-share 30%; demand-pull rel 1.13; scarcity 1.16. Leading signal — 7-day ballast-pull -31% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Santander (PAI 4.3). Busiest lanes out — SPAIN→NETHERLANDS (19 voyages, ~$5684/day); SPAIN→SOUTH UNITED KINGDOM (21 voyages, ~$5684/day); SPAIN→NORTH UNITED KINGDOM (16 voyages, ~$5684/day).
GERMANY — ~$7800/day
Supply/demand — 23 ships open (~83k dwt); inbound ballast 10 vs laden 21; ballast-share 35%; demand-pull rel 1.56; scarcity 1.30. Leading signal — 7-day ballast-pull -52% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hamburg (PAI 18.7), Rostock (PAI 16.6), Brake (PAI 10.1). Busiest lanes out — GERMANY→SOUTH NORWAY (27 voyages, ~$5713/day); GERMANY→NORTH UNITED KINGDOM (23 voyages, ~$5713/day); GERMANY→SPAIN (10 voyages, ~$5713/day).
5-10K — ~$6196/day ($+23 d/d); 1833 voyages, 10463959 kt-miles tracked
Momentum: +16% vs balanced, -0.4% day, -5.6% week (relative to a balanced market).
RUSSIA — ~$9778/day
Supply/demand — 23 ships open (~155k dwt); inbound ballast 100 vs laden 29; ballast-share 74%; demand-pull rel 1.56; scarcity 0.70. Leading signal — 7-day ballast-pull -2% (ballast interest broadly steady). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 6.7), Yeysk (PAI 3.9). Busiest lanes out — RUSSIA→WEST TURKEY (29 voyages, ~$9338/day); RUSSIA→NORTH TURKEY (40 voyages, ~$9338/day); RUSSIA→IRAN (9 voyages, ~$9338/day).
VIETNAM — ~$6235/day
Supply/demand — 15 ships open (~111k dwt); inbound ballast 8 vs laden 21; ballast-share 36%; demand-pull rel 0.99; scarcity 1.07. Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Busiest lanes out — VIETNAM→PHILIPPINES (25 voyages, ~$8830/day); VIETNAM→FRANCE (2 voyages, ~$8830/day); VIETNAM→VIETNAM (42 voyages, ~$8830/day).
SOUTH NORWAY — ~$10030/day
Supply/demand — 5 ships open (~34k dwt); inbound ballast 10 vs laden 13; ballast-share 45%; demand-pull rel 1.60; scarcity 1.30. Leading signal — 7-day ballast-pull +233% (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, ~$8244/day); SOUTH NORWAY→DENMARK (31 voyages, ~$8244/day); SOUTH NORWAY→NETHERLANDS (18 voyages, ~$8244/day).
SOUTH JAPAN — ~$8448/day
Supply/demand — 13 ships open (~89k dwt); inbound ballast 10 vs laden 13; ballast-share 43%; demand-pull rel 1.35; scarcity 1.08. Leading signal — 7-day ballast-pull +43% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH JAPAN→SOUTH KOREA (30 voyages, ~$7291/day); SOUTH JAPAN→PHILIPPINES (5 voyages, ~$7291/day); SOUTH JAPAN→THAILAND (3 voyages, ~$7291/day).
SWEDEN — ~$7095/day
Supply/demand — 7 ships open (~43k dwt); inbound ballast 6 vs laden 12; ballast-share 38%; demand-pull rel 1.13; scarcity 1.30. Leading signal — 7-day ballast-pull -40% (ballast interest thinning here (softening)). Busiest lanes out — SWEDEN→SPAIN (12 voyages, ~$5943/day); SWEDEN→NETHERLANDS (16 voyages, ~$5943/day); SWEDEN→SWEDEN (36 voyages, ~$5943/day).
10-17.5K — ~$8660/day ($-215 d/d); 684 voyages, 16813133 kt-miles tracked
Momentum: +19% vs balanced, +0.5% day, -11.2% week (relative to a balanced market).
SOUTH JAPAN — ~$14703/day
Supply/demand — 23 ships open (~308k dwt); inbound ballast 17 vs laden 15; ballast-share 48%; demand-pull rel 1.58; scarcity 1.04. Leading signal — 7-day ballast-pull -19% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Fukuyama (PAI 7.1). Busiest lanes out — SOUTH JAPAN→THAILAND (17 voyages, ~$11955/day); SOUTH JAPAN→VIETNAM (15 voyages, ~$11955/day); SOUTH JAPAN→WEST INDONESIA (6 voyages, ~$11955/day).
WEST INDONESIA — ~$14897/day
Supply/demand — 14 ships open (~174k dwt); inbound ballast 11 vs laden 8; ballast-share 49%; demand-pull rel 1.60; scarcity 1.20. Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (13 voyages, ~$10254/day); WEST INDONESIA→NORTH JAPAN (8 voyages, ~$10254/day); WEST INDONESIA→NORTH CHINA (7 voyages, ~$10254/day).
VIETNAM — ~$12214/day
Supply/demand — 16 ships open (~217k dwt); inbound ballast 10 vs laden 13; ballast-share 43%; demand-pull rel 1.31; scarcity 0.98. Leading signal — 7-day ballast-pull +43% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 4.2). Busiest lanes out — VIETNAM→SOUTH JAPAN (6 voyages, ~$11594/day); VIETNAM→NORTH CHINA (6 voyages, ~$11594/day); VIETNAM→FRANCE (2 voyages, ~$11594/day).
MID CHINA — ~$12773/day
Supply/demand — 17 ships open (~222k dwt); inbound ballast 17 vs laden 17; ballast-share 46%; demand-pull rel 1.37; scarcity 0.94. Leading signal — 7-day ballast-pull +55% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Shanghai (PAI 7.0). Busiest lanes out — MID CHINA→EAST INDONESIA (7 voyages, ~$13219/day); MID CHINA→WC INDIA (5 voyages, ~$13219/day); MID CHINA→SOUTH MALAYSIA (6 voyages, ~$13219/day).
EAST INDONESIA — ~$12254/day
Supply/demand — 7 ships open (~89k dwt); inbound ballast 8 vs laden 8; ballast-share 44%; demand-pull rel 1.32; scarcity 0.95. Leading signal — 7-day ballast-pull +14% (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 (10 voyages, ~$9254/day); EAST INDONESIA→NORTH CHINA (6 voyages, ~$9254/day); EAST INDONESIA→MID CHINA (5 voyages, ~$9254/day).
17.5-30K — ~$12777/day ($-72 d/d); 72 voyages, 3754670 kt-miles tracked
Momentum: +52% vs balanced, -1.5% day, +5.5% 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: Tianjin (PAI 5.4). Busiest lanes out — NORTH CHINA→WEST INDONESIA (8 voyages, ~$14603/day); NORTH CHINA→MID CHINA (23 voyages, ~$14603/day).
SOUTH JAPAN
Leading signal — 7-day ballast-pull +26% (empty ships building toward this load zone (firming)). Busiest lanes out — SOUTH JAPAN→TAIWAN (12 voyages, ~$14603/day); SOUTH JAPAN→BANGLADESH (4 voyages, ~$14603/day).
USEC
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$11284/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -9% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (6 voyages, ~$15296/day).
FINLAND
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — FINLAND→USEC (5 voyages, ~$10310/day).
30-47K — ~$12602/day ($-364 d/d); 103 voyages, 21634899 kt-miles tracked
Momentum: +24% vs balanced, -0.6% day, +10.9% week (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tauranga (PAI 6.7). Busiest lanes out — NEW ZEALAND→NORTH CHINA (27 voyages, ~$13927/day); NEW ZEALAND→MID CHINA (6 voyages, ~$13927/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 28.5), Rosario (PAI 10.9). Busiest lanes out — NORTH ARGENTINA→MOROCCO (11 voyages, ~$15199/day); NORTH ARGENTINA→ALGERIA (7 voyages, ~$15199/day).
WC CANADA
Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Vancouver (PAI 7.3). Busiest lanes out — WC CANADA→SOUTH JAPAN (11 voyages, ~$6845/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Bunbury (PAI 5.6). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (12 voyages, ~$13927/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull +22% (empty ships building toward this load zone (firming)). Busiest lanes out — EAST SOUTH AFRICA→USEC (6 voyages, ~$8424/day).
47-55K — ~$17030/day ($-1040 d/d); 155 voyages, 10808058 kt-miles tracked
Momentum: +65% vs balanced, -0.6% day, -13.8% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +46% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Caofeidian (PAI 13.1), Huanghua (PAI 10.9), Qinhuangdao (PAI 10.3). Busiest lanes out — NORTH CHINA→MID CHINA (84 voyages, ~$19895/day); NORTH CHINA→NAMIBIA (2 voyages, ~$19895/day); NORTH CHINA→SOUTH CHINA (14 voyages, ~$19895/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -21% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$13214/day).
SOUTH CHILE
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — SOUTH CHILE→NORTH CHINA (2 voyages, ~$6726/day).
PHILIPPINES
Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Busiest lanes out — PHILIPPINES→NORTH CHINA (11 voyages, ~$20789/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (15 voyages, ~$20789/day).
55-68K — ~$16068/day ($-15 d/d); 140 voyages, 45637382 kt-miles tracked
Momentum: +40% vs balanced, -0.2% day, -10.2% week (relative to a balanced market).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +16% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Santos (PAI 13.9), Portocel (PAI 4.0). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (11 voyages, ~$16290/day); SOUTH BRAZIL→USEC (17 voyages, ~$16290/day); SOUTH BRAZIL→NORTH CHINA (6 voyages, ~$16290/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Durban (PAI 7.4), Richards Bay (PAI 6.9), Port Elizabeth (PAI 6.2). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (14 voyages, ~$14537/day); EAST SOUTH AFRICA→PAKISTAN (12 voyages, ~$14537/day).
NORTH CHINA
Leading signal — 7-day ballast-pull +4% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Tianjin (PAI 15.7), Caofeidian (PAI 8.4), Lianyungang (PAI 7.9). Busiest lanes out — NORTH CHINA→PERU (9 voyages, ~$21375/day).
PERU
Leading signal — 7-day ballast-pull -26% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (8 voyages, ~$9555/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Busiest lanes out — UNITED STATES PACIFIC→PHILIPPINES (10 voyages, ~$8585/day).
68-90K — ~$21017/day ($+831 d/d); 422 voyages, 98225520 kt-miles tracked
Momentum: +90% vs balanced, +0.4% day, -2.7% week (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +23% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Newcastle (PAI 19.6). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (34 voyages, ~$18946/day); EAST AUSTRALIA→SOUTH CHINA (36 voyages, ~$18946/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +23% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Taboneo Anch (PAI 9.9), Bunati (PAI 7.2), Tanjung Pemancingan (PAI 4.6). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (91 voyages, ~$24388/day); WEST INDONESIA→MID CHINA (43 voyages, ~$24388/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +2% (ballast interest broadly steady). Load hubs where cargo is concentrating: Santos (PAI 25.2), Paranagua (PAI 8.6), Rio Grande (PAI 4.3). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (14 voyages, ~$23739/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH JAPAN (23 voyages, ~$15015/day).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +23% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Hay Point (PAI 11.2), Gladstone (PAI 8.9), Abbot Point (PAI 4.9). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (26 voyages, ~$18946/day).
90-120K — ~$22734/day ($-1237 d/d); 128 voyages, 50081621 kt-miles tracked
Momentum: +69% vs balanced, -1.0% day, -22.8% 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: Gladstone (PAI 6.2), Hay Point (PAI 5.7), Port Hedland (PAI 4.6). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (33 voyages, ~$23384/day); NORTH AUSTRALIA→SOUTH JAPAN (13 voyages, ~$23384/day); NORTH AUSTRALIA→VIETNAM (15 voyages, ~$23384/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Newcastle (PAI 12.9). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (16 voyages, ~$23384/day); EAST AUSTRALIA→NORTH JAPAN (12 voyages, ~$23384/day); EAST AUSTRALIA→TAIWAN (10 voyages, ~$23384/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (7 voyages, ~$23384/day).
WC CANADA
Leading signal — 7-day ballast-pull -100% (ballast interest thinning here (softening)). Busiest lanes out — WC CANADA→SOUTH JAPAN (5 voyages, ~$9554/day).
120-190K — ~$34083/day ($+5653 d/d); 308 voyages, 234600684 kt-miles tracked
Momentum: +103% vs balanced, -1.3% day, +17.0% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +8% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Port Hedland (PAI 28.8), Port Walcott (PAI 13.0), Dampier (PAI 11.4). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (150 voyages, ~$37193/day); NORTH AUSTRALIA→MID CHINA (49 voyages, ~$37193/day); NORTH AUSTRALIA→SOUTH CHINA (47 voyages, ~$37193/day).
GUINEA
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Kamsar (PAI 9.8). Busiest lanes out — GUINEA→NORTH CHINA (15 voyages, ~$22019/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Itaguai (PAI 6.8). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (5 voyages, ~$33203/day).
PERU
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — PERU→NORTH CHINA (5 voyages, ~$12033/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Busiest lanes out — NORTH ARGENTINA→NORTH CHINA (4 voyages, ~$33203/day).
190-250K — ~$38244/day ($+3119 d/d); 230 voyages, 217076822 kt-miles tracked
Momentum: +111% vs balanced, -0.5% day, +0.3% week (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 27.9), Port Walcott (PAI 7.9), Dampier (PAI 6.9). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (102 voyages, ~$42414/day); NORTH AUSTRALIA→SOUTH JAPAN (33 voyages, ~$42414/day); NORTH AUSTRALIA→MID CHINA (28 voyages, ~$42414/day).
GUINEA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Kamsar (PAI 5.2). Busiest lanes out — GUINEA→NORTH CHINA (17 voyages, ~$28363/day); GUINEA→SOUTH CHINA (4 voyages, ~$28363/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Itaguai (PAI 8.7). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (10 voyages, ~$34778/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, ~$22177/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$42414/day).
Outlook (forward view)
Looking ahead, the market is expected to continue its firming trajectory, driven by positive momentum in key segments like the VLOCs and certain load regions. The week-over-week momentum readings, although mixed across bands, suggest that the larger vessels (above 120,000 dwt) are likely to lead the charge, with the 190-250,000 dwt segment showing a notable +111% vs-balanced positioning. The 7-day ballast-pull trend indicates empty ships building toward load zones in North Australia and South Brazil, which should support rates in these regions. However, softer momentum in some smaller bands and negative week-over-week changes in others introduce uncertainty. As a model-and-momentum scenario read, this outlook suggests that while there are signals for firming, particularly in the larger segments, the market's direction over the coming days and weeks will depend on how these trends evolve, especially considering the leading indicators like ballast-pull and LSR direction.