Dry-bulk freight market sentiment turns cautious as rates decline across most tonnage segments.
Global supply & demand
The DBPI pressure index eased to 2204.8, a neutral level, with a day-over-day decrease of 96 points, indicating a slight reduction in market pressure. The global LSR remained relatively flat at 57%, suggesting that the open tonnage situation is not significantly changing. The laden-to-ballast ratio stands at 370M dwt laden versus 276M dwt ballast, which, combined with an LSR of 57%, indicates a balanced world fleet. The world port/sea ratio of 0.52 suggests that there are more ships sailing than tied up in ports or anchorages, supporting the notion of a balanced market.
The Capesize segment is the firmest, led by the North Australia to North China route, which may be influencing the overall market tone. In contrast, the Coaster segment appears to be the softest, with rates at +16% versus balanced. These variations highlight the complexity and diversity within the dry-bulk market.
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 — ~$4360/day ($-178 d/d); 2573 voyages, 5265012 kt-miles tracked
Momentum: +31% vs balanced, +0.2% day, -7.8% week (relative to a balanced market).
SOUTH NORWAY — ~$7356/day
Supply/demand — 13 ships open (~47k dwt); inbound ballast 12 vs laden 30; ballast-share 33%; demand-pull rel 1.51; scarcity 1.30. Leading signal — 7-day ballast-pull -14% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Rekefjord (PAI 7.2), Kragero (PAI 4.4), Drammen (PAI 4.4). Busiest lanes out — SOUTH NORWAY→GERMANY (55 voyages, ~$5112/day); SOUTH NORWAY→DENMARK (56 voyages, ~$5112/day); SOUTH NORWAY→NETHERLANDS (31 voyages, ~$5112/day).
NETHERLANDS — ~$6786/day
Supply/demand — 39 ships open (~135k dwt); inbound ballast 11 vs laden 27; ballast-share 32%; demand-pull rel 1.39; scarcity 1.23. Leading signal — 7-day ballast-pull +38% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Vlissingen (PAI 9.2), Velsen Noord (PAI 7.4), Rotterdam Waalhaven (PAI 6.9). Busiest lanes out — NETHERLANDS→SPAIN (31 voyages, ~$5287/day); NETHERLANDS→SOUTH NORWAY (25 voyages, ~$5287/day); NETHERLANDS→SWEDEN (22 voyages, ~$5287/day).
RUSSIA — ~$6615/day
Supply/demand — 31 ships open (~108k dwt); inbound ballast 77 vs laden 75; ballast-share 51%; demand-pull rel 1.35; scarcity 0.76. Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Astrakhan (PAI 8.7), Rostov-On-Don (PAI 7.7). Busiest lanes out — RUSSIA→IRAN (20 voyages, ~$6099/day); RUSSIA→WEST TURKEY (17 voyages, ~$6099/day); RUSSIA→NORTH TURKEY (25 voyages, ~$6099/day).
SPAIN — ~$6255/day
Supply/demand — 12 ships open (~49k dwt); inbound ballast 11 vs laden 26; ballast-share 33%; demand-pull rel 1.28; scarcity 1.12. 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 (18 voyages, ~$5019/day); SPAIN→SOUTH UNITED KINGDOM (20 voyages, ~$5019/day); SPAIN→NORTH UNITED KINGDOM (16 voyages, ~$5019/day).
GERMANY — ~$7811/day
Supply/demand — 22 ships open (~83k dwt); inbound ballast 12 vs laden 19; ballast-share 39%; 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: Hamburg (PAI 18.7), Rostock (PAI 16.1), Brake (PAI 10.8). Busiest lanes out — GERMANY→SOUTH NORWAY (26 voyages, ~$4741/day); GERMANY→NORTH UNITED KINGDOM (24 voyages, ~$4741/day); GERMANY→SWEDEN (19 voyages, ~$4741/day).
5-10K — ~$6147/day ($-49 d/d); 1817 voyages, 10290253 kt-miles tracked
Momentum: +16% vs balanced, +0.9% day, -1.5% week (relative to a balanced market).
RUSSIA — ~$9966/day
Supply/demand — 24 ships open (~161k dwt); inbound ballast 98 vs laden 31; ballast-share 72%; demand-pull rel 1.57; scarcity 0.70. Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 6.9), Yeysk (PAI 4.0). Busiest lanes out — RUSSIA→WEST TURKEY (28 voyages, ~$8984/day); RUSSIA→NORTH TURKEY (41 voyages, ~$8984/day); RUSSIA→IRAN (9 voyages, ~$8984/day).
VIETNAM — ~$6333/day
Supply/demand — 15 ships open (~111k dwt); inbound ballast 8 vs laden 21; ballast-share 35%; demand-pull rel 1.00; scarcity 1.06. Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 4.0). Busiest lanes out — VIETNAM→PHILIPPINES (25 voyages, ~$8495/day); VIETNAM→FRANCE (2 voyages, ~$8495/day); VIETNAM→VIETNAM (41 voyages, ~$8495/day).
SOUTH NORWAY — ~$10177/day
Supply/demand — 3 ships open (~21k dwt); inbound ballast 12 vs laden 16; ballast-share 42%; demand-pull rel 1.60; scarcity 1.30. Leading signal — 7-day ballast-pull +140% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Drammen (PAI 4.0). Busiest lanes out — SOUTH NORWAY→GERMANY (33 voyages, ~$8984/day); SOUTH NORWAY→DENMARK (32 voyages, ~$8984/day); SOUTH NORWAY→NETHERLANDS (18 voyages, ~$8984/day).
SOUTH JAPAN — ~$7137/day
Supply/demand — 13 ships open (~89k dwt); inbound ballast 9 vs laden 18; ballast-share 37%; demand-pull rel 1.12; scarcity 1.08. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Fukuyama (PAI 4.0). Busiest lanes out — SOUTH JAPAN→SOUTH KOREA (30 voyages, ~$8542/day); SOUTH JAPAN→PHILIPPINES (5 voyages, ~$8542/day); SOUTH JAPAN→THAILAND (3 voyages, ~$8542/day).
SWEDEN — ~$8565/day
Supply/demand — 7 ships open (~41k dwt); inbound ballast 7 vs laden 11; ballast-share 41%; demand-pull rel 1.35; scarcity 1.30. Leading signal — 7-day ballast-pull -22% (ballast interest thinning here (softening)). Busiest lanes out — SWEDEN→SPAIN (12 voyages, ~$6051/day); SWEDEN→NETHERLANDS (15 voyages, ~$6051/day); SWEDEN→SWEDEN (35 voyages, ~$6051/day).
10-17.5K — ~$8443/day ($-217 d/d); 668 voyages, 16550210 kt-miles tracked
Momentum: +20% vs balanced, +2.2% day, -12.0% week (relative to a balanced market).
SOUTH JAPAN — ~$14967/day
Supply/demand — 18 ships open (~240k dwt); inbound ballast 23 vs laden 17; ballast-share 52%; demand-pull rel 1.60; scarcity 1.04. Leading signal — 7-day ballast-pull +5% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Fukuyama (PAI 7.6). Busiest lanes out — SOUTH JAPAN→THAILAND (17 voyages, ~$12036/day); SOUTH JAPAN→VIETNAM (14 voyages, ~$12036/day); SOUTH JAPAN→WEST INDONESIA (6 voyages, ~$12036/day).
WEST INDONESIA — ~$14967/day
Supply/demand — 15 ships open (~190k dwt); inbound ballast 12 vs laden 6; ballast-share 52%; demand-pull rel 1.60; scarcity 1.17. Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (13 voyages, ~$9321/day); WEST INDONESIA→NORTH JAPAN (8 voyages, ~$9321/day); WEST INDONESIA→NORTH CHINA (6 voyages, ~$9321/day).
VIETNAM — ~$12422/day
Supply/demand — 16 ships open (~217k dwt); inbound ballast 11 vs laden 14; ballast-share 43%; demand-pull rel 1.33; scarcity 0.97. Leading signal — 7-day ballast-pull +38% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 3.9). Busiest lanes out — VIETNAM→SOUTH JAPAN (6 voyages, ~$11691/day); VIETNAM→NORTH CHINA (6 voyages, ~$11691/day); VIETNAM→FRANCE (2 voyages, ~$11691/day).
EAST INDONESIA — ~$11755/day
Supply/demand — 8 ships open (~101k dwt); inbound ballast 8 vs laden 10; ballast-share 42%; demand-pull rel 1.26; scarcity 0.94. Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Obi Island (PAI 3.9). Busiest lanes out — EAST INDONESIA→SOUTH CHINA (10 voyages, ~$9530/day); EAST INDONESIA→NORTH CHINA (6 voyages, ~$9530/day); EAST INDONESIA→MID CHINA (5 voyages, ~$9530/day).
MID CHINA — ~$13381/day
Supply/demand — 16 ships open (~212k dwt); inbound ballast 16 vs laden 16; ballast-share 47%; demand-pull rel 1.43; scarcity 0.96. Leading signal — 7-day ballast-pull +33% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Shanghai (PAI 6.9). Busiest lanes out — MID CHINA→EAST INDONESIA (7 voyages, ~$12315/day); MID CHINA→WC INDIA (5 voyages, ~$12315/day); MID CHINA→SOUTH MALAYSIA (5 voyages, ~$12315/day).
17.5-30K — ~$12386/day ($-391 d/d); 69 voyages, 3717166 kt-miles tracked
Momentum: +47% vs balanced, +0.1% day, +6.7% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +31% (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, ~$15097/day); NORTH CHINA→MID CHINA (23 voyages, ~$15097/day).
USEC
Leading signal — 7-day ballast-pull +11% (empty ships building toward this load zone (firming)). Busiest lanes out — USEC→WEST INDONESIA (2 voyages, ~$11642/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -9% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (6 voyages, ~$14340/day).
FINLAND
Leading signal — 7-day ballast-pull -17% (ballast interest thinning here (softening)). Busiest lanes out — FINLAND→USEC (5 voyages, ~$8799/day).
VIETNAM
Leading signal — 7-day ballast-pull -9% (ballast interest thinning here (softening)). Busiest lanes out — VIETNAM→SOUTH JAPAN (7 voyages, ~$14340/day).
30-47K — ~$12317/day ($-285 d/d); 99 voyages, 20659552 kt-miles tracked
Momentum: +20% vs balanced, -0.0% day, +9.5% week (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull +4% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Tauranga (PAI 6.2). Busiest lanes out — NEW ZEALAND→NORTH CHINA (26 voyages, ~$13852/day); NEW ZEALAND→MID CHINA (6 voyages, ~$13852/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull +17% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: San Lorenzo (PAI 29.0), Rosario (PAI 11.0). Busiest lanes out — NORTH ARGENTINA→MOROCCO (9 voyages, ~$15160/day); NORTH ARGENTINA→ALGERIA (7 voyages, ~$15160/day).
WC CANADA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Vancouver (PAI 6.9). Busiest lanes out — WC CANADA→SOUTH JAPAN (11 voyages, ~$6396/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull +4% (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 (12 voyages, ~$13852/day).
BALTIC RUSSIA
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: St Petersburg (PAI 7.1), Ust-Luga (PAI 6.6). Busiest lanes out — BALTIC RUSSIA→SOUTH BRAZIL (6 voyages, ~$12430/day).
47-55K — ~$16298/day ($-732 d/d); 148 voyages, 10403181 kt-miles tracked
Momentum: +61% vs balanced, +2.0% day, -12.2% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +41% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Caofeidian (PAI 13.0), Huanghua (PAI 10.9), Qinhuangdao (PAI 10.3). Busiest lanes out — NORTH CHINA→MID CHINA (81 voyages, ~$19567/day); NORTH CHINA→NAMIBIA (2 voyages, ~$19567/day); NORTH CHINA→SOUTH CHINA (13 voyages, ~$19567/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -21% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$12604/day).
SOUTH CHILE
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — SOUTH CHILE→NORTH CHINA (2 voyages, ~$6466/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -19% (ballast interest thinning here (softening)). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (15 voyages, ~$19984/day).
PHILIPPINES
Leading signal — 7-day ballast-pull -19% (ballast interest thinning here (softening)). Busiest lanes out — PHILIPPINES→NORTH CHINA (9 voyages, ~$19984/day).
55-68K — ~$15714/day ($-354 d/d); 136 voyages, 44241213 kt-miles tracked
Momentum: +36% vs balanced, -0.9% day, -10.1% week (relative to a balanced market).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +13% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Santos (PAI 13.8), Portocel (PAI 4.0). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (11 voyages, ~$16496/day); SOUTH BRAZIL→USEC (17 voyages, ~$16496/day); SOUTH BRAZIL→NORTH CHINA (6 voyages, ~$16496/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull -15% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Durban (PAI 7.6), Richards Bay (PAI 7.1), Port Elizabeth (PAI 6.0). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (12 voyages, ~$14040/day); EAST SOUTH AFRICA→PAKISTAN (12 voyages, ~$14040/day).
NORTH CHINA
Leading signal — 7-day ballast-pull +7% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Tianjin (PAI 16.1), Lianyungang (PAI 8.1), Caofeidian (PAI 8.0). Busiest lanes out — NORTH CHINA→PERU (9 voyages, ~$20615/day).
PERU
Leading signal — 7-day ballast-pull -33% (ballast interest thinning here (softening)). Busiest lanes out — PERU→NORTH CHINA (8 voyages, ~$8917/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull -12% (ballast interest thinning here (softening)). Busiest lanes out — UNITED STATES PACIFIC→PHILIPPINES (9 voyages, ~$7813/day).
68-90K — ~$20057/day ($-960 d/d); 410 voyages, 93798258 kt-miles tracked
Momentum: +80% vs balanced, -1.3% day, -4.5% week (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +21% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Newcastle (PAI 20.5). Busiest lanes out — EAST AUSTRALIA→SOUTH CHINA (36 voyages, ~$17489/day); EAST AUSTRALIA→SOUTH JAPAN (32 voyages, ~$17489/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +15% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Taboneo Anch (PAI 10.2), Bunati (PAI 7.5), Tanjung Pemancingan (PAI 4.8). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (90 voyages, ~$23457/day); WEST INDONESIA→MID CHINA (43 voyages, ~$23457/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +7% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Santos (PAI 26.0), Paranagua (PAI 8.2), Rio Grande (PAI 4.3). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (12 voyages, ~$23457/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Busiest lanes out — UNITED STATES PACIFIC→SOUTH JAPAN (21 voyages, ~$14449/day).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +21% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Hay Point (PAI 11.5), Gladstone (PAI 9.2), Abbot Point (PAI 4.8). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (26 voyages, ~$17489/day).
90-120K — ~$21934/day ($-800 d/d); 122 voyages, 47986143 kt-miles tracked
Momentum: +63% vs balanced, -3.5% day, -24.0% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Gladstone (PAI 6.3), Hay Point (PAI 5.7), Port Hedland (PAI 4.5). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (32 voyages, ~$22593/day); NORTH AUSTRALIA→VIETNAM (13 voyages, ~$22593/day); NORTH AUSTRALIA→SOUTH JAPAN (10 voyages, ~$22593/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Newcastle (PAI 12.7). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (16 voyages, ~$22593/day); EAST AUSTRALIA→NORTH JAPAN (12 voyages, ~$22593/day); EAST AUSTRALIA→TAIWAN (10 voyages, ~$22593/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull +6% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (7 voyages, ~$22593/day).
WC CANADA
Leading signal — 7-day ballast-pull -100% (ballast interest thinning here (softening)). Busiest lanes out — WC CANADA→SOUTH JAPAN (5 voyages, ~$9185/day).
120-190K — ~$32763/day ($-1320 d/d); 302 voyages, 229471959 kt-miles tracked
Momentum: +95% vs balanced, +0.1% day, +11.7% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +7% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Port Hedland (PAI 30.2), Port Walcott (PAI 12.7), Dampier (PAI 12.0). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (148 voyages, ~$35777/day); NORTH AUSTRALIA→MID CHINA (48 voyages, ~$35777/day); NORTH AUSTRALIA→SOUTH CHINA (45 voyages, ~$35777/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 9.7). Busiest lanes out — GUINEA→NORTH CHINA (15 voyages, ~$20789/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -6% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Itaguai (PAI 6.9). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (5 voyages, ~$31988/day).
PERU
Leading signal — 7-day ballast-pull +25% (empty ships building toward this load zone (firming)). Busiest lanes out — PERU→NORTH CHINA (5 voyages, ~$11575/day).
WEST SOUTH AFRICA
Leading signal — 7-day ballast-pull +13% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Saldanha (PAI 6.3). Busiest lanes out — WEST SOUTH AFRICA→NORTH CHINA (5 voyages, ~$24415/day).
190-250K — ~$35715/day ($-2529 d/d); 229 voyages, 216294363 kt-miles tracked
Momentum: +94% vs balanced, -4.0% day, -6.4% 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: Port Hedland (PAI 29.1), Port Walcott (PAI 8.4), Dampier (PAI 6.8). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (101 voyages, ~$40799/day); NORTH AUSTRALIA→SOUTH JAPAN (33 voyages, ~$40799/day); NORTH AUSTRALIA→MID CHINA (28 voyages, ~$40799/day).
GUINEA
Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Kamsar (PAI 5.1). Busiest lanes out — GUINEA→NORTH CHINA (17 voyages, ~$21083/day); GUINEA→SOUTH CHINA (4 voyages, ~$21083/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 8.1). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (10 voyages, ~$33077/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, ~$21333/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$40799/day).
Outlook (forward view)
Looking ahead, the momentum indicators suggest a mixed picture. While some bands show firming tendencies due to positive day-over-day and week-over-week momentum, others indicate softening. The 7-day ballast-pull trend in key load zones like North Australia and certain regions within the 120-190K tonnage band is increasing, suggesting that rates might firm up as empty ships build towards these areas. However, bands with declining ballast-pull, such as parts of the 68-90K and 190-250K segments, may experience rate softening.
Given these forward signals, it's plausible to expect a range-bound market in the short term, with pockets of firming in specific tonnage segments where demand is building. The overall direction will depend on how these trends evolve, particularly the balance between laden and ballast ships and the movement of empty vessels towards emerging load zones. This scenario read is based on current momentum and model outputs, not a guarantee of future market performance.