Dry-bulk freight rates firm on robust demand, led by Kamsarmax and cape segments.
Global supply & demand
The DBPI pressure index rose to 2202.6, a day-over-day increase of 63 points, indicating a tightening market. The global LSR held steady at 56%, while the laden-vs-ballast split showed 358M dwt laden versus 277M dwt ballast, suggesting a balanced tonnage picture. The world port/sea ratio stood at 0.55, which is supportive of rates. Notably, the Kamsarmax segment was the firmest, with rates up 110% versus balanced, driven by strong demand on routes such as NORTH AUSTRALIA → NORTH CHINA.
The overall supply and demand balance suggests a stable market trajectory, with some segments showing signs of strengthening. The Coaster segment, however, remained the softest, with rates only 11% above balanced levels. The data indicates that the dry-bulk freight market is experiencing a moderate uptick in demand, particularly in certain tonnage bands like Kamsarmax.
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 — ~$4672/day ($+377 d/d); 2588 voyages, 5244741 kt-miles tracked
Momentum: +41% vs balanced, +0.6% day, +2.7% week (relative to a balanced market).
SOUTH NORWAY — ~$8059/day
Supply/demand — 14 ships open (~50k dwt); inbound ballast 20 vs laden 38; ballast-share 38%; demand-pull rel 1.60; scarcity 1.30. Leading signal — 7-day ballast-pull +33% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Rekefjord (PAI 7.4), Kragero (PAI 4.7), Drammen (PAI 4.7). Busiest lanes out — SOUTH NORWAY→GERMANY (56 voyages, ~$6373/day); SOUTH NORWAY→DENMARK (62 voyages, ~$6373/day); SOUTH NORWAY→NETHERLANDS (32 voyages, ~$6373/day).
NETHERLANDS — ~$6215/day
Supply/demand — 42 ships open (~151k dwt); inbound ballast 12 vs laden 35; ballast-share 28%; demand-pull rel 1.23; scarcity 1.20. Leading signal — 7-day ballast-pull +20% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Vlissingen (PAI 9.6), Amsterdam (PAI 8.4), Velsen Noord (PAI 7.3). Busiest lanes out — NETHERLANDS→SPAIN (30 voyages, ~$6299/day); NETHERLANDS→SOUTH NORWAY (24 voyages, ~$6299/day); NETHERLANDS→SOUTH UNITED KINGDOM (50 voyages, ~$6299/day).
RUSSIA — ~$6833/day
Supply/demand — 27 ships open (~91k dwt); inbound ballast 81 vs laden 85; ballast-share 50%; demand-pull rel 1.36; scarcity 0.76. Leading signal — 7-day ballast-pull +0% (ballast interest broadly steady). Load hubs where cargo is concentrating: Astrakhan (PAI 9.2), Rostov-On-Don (PAI 8.0). Busiest lanes out — RUSSIA→IRAN (27 voyages, ~$6373/day); RUSSIA→WEST TURKEY (15 voyages, ~$6373/day); RUSSIA→NORTH TURKEY (23 voyages, ~$6373/day).
SPAIN — ~$7854/day
Supply/demand — 10 ships open (~40k dwt); inbound ballast 19 vs laden 22; ballast-share 41%; demand-pull rel 1.56; scarcity 1.06. Leading signal — 7-day ballast-pull +58% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Santander (PAI 4.2). Busiest lanes out — SPAIN→NETHERLANDS (19 voyages, ~$5303/day); SPAIN→SOUTH UNITED KINGDOM (21 voyages, ~$5303/day); SPAIN→NORTH UNITED KINGDOM (17 voyages, ~$5303/day).
GERMANY — ~$6402/day
Supply/demand — 16 ships open (~56k dwt); inbound ballast 8 vs laden 17; ballast-share 32%; demand-pull rel 1.27; scarcity 1.30. Leading signal — 7-day ballast-pull -56% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Hamburg (PAI 18.3), Rostock (PAI 18.2), Brake (PAI 10.7). Busiest lanes out — GERMANY→SOUTH NORWAY (27 voyages, ~$4218/day); GERMANY→NORTH UNITED KINGDOM (28 voyages, ~$4218/day); GERMANY→SPAIN (10 voyages, ~$4218/day).
5-10K — ~$5989/day ($-152 d/d); 1808 voyages, 10582912 kt-miles tracked
Momentum: +11% vs balanced, -4.8% day, -5.4% week (relative to a balanced market).
RUSSIA — ~$9783/day
Supply/demand — 26 ships open (~180k dwt); inbound ballast 102 vs laden 25; ballast-share 77%; demand-pull rel 1.60; scarcity 0.70. Leading signal — 7-day ballast-pull +5% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Rostov-On-Don (PAI 7.6), Yeysk (PAI 4.0). Busiest lanes out — RUSSIA→WEST TURKEY (26 voyages, ~$9395/day); RUSSIA→NORTH TURKEY (36 voyages, ~$9395/day); RUSSIA→IRAN (11 voyages, ~$9395/day).
VIETNAM — ~$4761/day
Supply/demand — 18 ships open (~133k dwt); inbound ballast 6 vs laden 20; ballast-share 33%; demand-pull rel 0.78; scarcity 1.06. Leading signal — 7-day ballast-pull -33% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Ho Chi Minh (PAI 4.3). Busiest lanes out — VIETNAM→PHILIPPINES (28 voyages, ~$8884/day); VIETNAM→SOUTH KOREA (4 voyages, ~$8884/day); VIETNAM→VIETNAM (34 voyages, ~$8884/day).
SOUTH NORWAY — ~$8812/day
Supply/demand — 7 ships open (~42k dwt); inbound ballast 9 vs laden 16; ballast-share 41%; demand-pull rel 1.44; scarcity 1.30. Leading signal — 7-day ballast-pull +50% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Drammen (PAI 4.3), Eikefet (PAI 4.3). Busiest lanes out — SOUTH NORWAY→GERMANY (37 voyages, ~$7628/day); SOUTH NORWAY→DENMARK (33 voyages, ~$7628/day); SOUTH NORWAY→SOUTH NORWAY (57 voyages, ~$7628/day).
SOUTH JAPAN — ~$4928/day
Supply/demand — 17 ships open (~110k dwt); inbound ballast 5 vs laden 16; ballast-share 36%; demand-pull rel 0.81; scarcity 1.11. Leading signal — 7-day ballast-pull -50% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Fukuyama (PAI 4.3). Busiest lanes out — SOUTH JAPAN→SOUTH KOREA (29 voyages, ~$6569/day); SOUTH JAPAN→VIETNAM (5 voyages, ~$6569/day); SOUTH JAPAN→THAILAND (3 voyages, ~$6569/day).
SWEDEN — ~$6771/day
Supply/demand — 5 ships open (~31k dwt); inbound ballast 6 vs laden 15; ballast-share 39%; demand-pull rel 1.11; scarcity 1.30. Leading signal — 7-day ballast-pull +200% (empty ships building toward this load zone (firming)). Busiest lanes out — SWEDEN→SPAIN (12 voyages, ~$6445/day); SWEDEN→MOROCCO (3 voyages, ~$6445/day); SWEDEN→NETHERLANDS (13 voyages, ~$6445/day).
10-17.5K — ~$8679/day ($-653 d/d); 694 voyages, 16962571 kt-miles tracked
Momentum: +24% vs balanced, -0.7% day, -4.0% week (relative to a balanced market).
WEST INDONESIA — ~$14194/day
Supply/demand — 12 ships open (~147k dwt); inbound ballast 11 vs laden 7; ballast-share 51%; demand-pull rel 1.60; scarcity 1.24. Leading signal — 7-day ballast-pull +10% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (16 voyages, ~$12069/day); WEST INDONESIA→NORTH JAPAN (9 voyages, ~$12069/day); WEST INDONESIA→NORTH CHINA (6 voyages, ~$12069/day).
SOUTH JAPAN — ~$13917/day
Supply/demand — 22 ships open (~294k dwt); inbound ballast 16 vs laden 16; ballast-share 48%; demand-pull rel 1.57; scarcity 1.07. Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Fukuyama (PAI 8.2). Busiest lanes out — SOUTH JAPAN→THAILAND (19 voyages, ~$11737/day); SOUTH JAPAN→VIETNAM (11 voyages, ~$11737/day); SOUTH JAPAN→WEST INDONESIA (8 voyages, ~$11737/day).
EAST INDONESIA — ~$11795/day
Supply/demand — 6 ships open (~75k dwt); inbound ballast 8 vs laden 11; ballast-share 43%; demand-pull rel 1.33; scarcity 1.01. Leading signal — 7-day ballast-pull -27% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Obi Island (PAI 4.4). Busiest lanes out — EAST INDONESIA→SOUTH CHINA (12 voyages, ~$11682/day); EAST INDONESIA→NORTH CHINA (6 voyages, ~$11682/day); EAST INDONESIA→MID CHINA (6 voyages, ~$11682/day).
MID CHINA — ~$11737/day
Supply/demand — 22 ships open (~298k dwt); inbound ballast 11 vs laden 14; ballast-share 45%; demand-pull rel 1.32; scarcity 0.96. Leading signal — 7-day ballast-pull -21% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Shanghai (PAI 7.5). Busiest lanes out — MID CHINA→WC INDIA (5 voyages, ~$13284/day); MID CHINA→SOUTH MALAYSIA (7 voyages, ~$13284/day); MID CHINA→COSTA RICA (1 voyages, ~$13284/day).
SOUTH MALAYSIA — ~$9029/day
Supply/demand — 6 ships open (~82k dwt); inbound ballast 4 vs laden 6; ballast-share 43%; demand-pull rel 1.02; scarcity 0.99. Leading signal — 7-day ballast-pull -20% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH MALAYSIA→SOUTH JAPAN (7 voyages, ~$8930/day); SOUTH MALAYSIA→NORTH CHINA (5 voyages, ~$8930/day); SOUTH MALAYSIA→NORTH JAPAN (2 voyages, ~$8930/day).
17.5-30K — ~$12340/day ($+765 d/d); 52 voyages, 3678908 kt-miles tracked
Momentum: +46% vs balanced, -0.4% day, -6.0% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull -9% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Tianjin (PAI 5.7). Busiest lanes out — NORTH CHINA→WEST INDONESIA (10 voyages, ~$15808/day).
SOUTH JAPAN
Leading signal — 7-day ballast-pull -9% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH JAPAN→BANGLADESH (4 voyages, ~$15808/day); SOUTH JAPAN→TAIWAN (11 voyages, ~$15808/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +2% (ballast interest broadly steady). Busiest lanes out — WEST INDONESIA→SOUTH JAPAN (7 voyages, ~$13486/day).
FINLAND
Leading signal — 7-day ballast-pull -5% (ballast interest thinning here (softening)). Busiest lanes out — FINLAND→USEC (5 voyages, ~$10628/day).
VIETNAM
Leading signal — 7-day ballast-pull +2% (ballast interest broadly steady). Busiest lanes out — VIETNAM→SOUTH JAPAN (6 voyages, ~$13486/day).
30-47K — ~$11585/day ($-354 d/d); 105 voyages, 21875421 kt-miles tracked
Momentum: +12% vs balanced, -0.8% day, -7.8% week (relative to a balanced market).
NEW ZEALAND
Leading signal — 7-day ballast-pull +19% (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, ~$11950/day); NEW ZEALAND→MID CHINA (9 voyages, ~$11950/day).
NORTH ARGENTINA
Leading signal — 7-day ballast-pull -8% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: San Lorenzo (PAI 29.2), Rosario (PAI 11.5). Busiest lanes out — NORTH ARGENTINA→MOROCCO (9 voyages, ~$14987/day); NORTH ARGENTINA→ALGERIA (7 voyages, ~$14987/day).
WC CANADA
Leading signal — 7-day ballast-pull -16% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Vancouver (PAI 7.2). Busiest lanes out — WC CANADA→SOUTH JAPAN (12 voyages, ~$6906/day).
WEST AUSTRALIA
Leading signal — 7-day ballast-pull +19% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Bunbury (PAI 5.7). Busiest lanes out — WEST AUSTRALIA→NORTH CHINA (12 voyages, ~$11950/day).
BALTIC RUSSIA
Leading signal — 7-day ballast-pull -15% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Ust-Luga (PAI 7.2), St Petersburg (PAI 7.0). Busiest lanes out — BALTIC RUSSIA→SOUTH BRAZIL (7 voyages, ~$11903/day).
47-55K — ~$15203/day ($-1298 d/d); 148 voyages, 10517865 kt-miles tracked
Momentum: +39% vs balanced, -8.4% day, -24.2% week (relative to a balanced market).
NORTH CHINA
Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Caofeidian (PAI 13.2), Huanghua (PAI 12.8), Qinhuangdao (PAI 10.6). Busiest lanes out — NORTH CHINA→MID CHINA (85 voyages, ~$19991/day); NORTH CHINA→NAMIBIA (2 voyages, ~$19991/day); NORTH CHINA→SOUTH CHINA (15 voyages, ~$19991/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -50% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH BRAZIL→SOUTH CHINA (3 voyages, ~$8276/day).
SOUTH CHILE
Leading signal — 7-day ballast-pull -100% (ballast interest thinning here (softening)). Busiest lanes out — SOUTH CHILE→NORTH CHINA (2 voyages, ~$6760/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull +15% (empty ships building toward this load zone (firming)). Busiest lanes out — WEST INDONESIA→EAST INDONESIA (15 voyages, ~$19639/day).
PHILIPPINES
Leading signal — 7-day ballast-pull +15% (empty ships building toward this load zone (firming)). Busiest lanes out — PHILIPPINES→NORTH CHINA (9 voyages, ~$19639/day).
55-68K — ~$15388/day ($-18 d/d); 127 voyages, 47325482 kt-miles tracked
Momentum: +34% vs balanced, -1.1% day, -8.1% week (relative to a balanced market).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -4% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Santos (PAI 15.2). Busiest lanes out — SOUTH BRAZIL→BANGLADESH (11 voyages, ~$16471/day); SOUTH BRAZIL→USEC (18 voyages, ~$16471/day); SOUTH BRAZIL→SOUTH CHINA (6 voyages, ~$16471/day).
EAST SOUTH AFRICA
Leading signal — 7-day ballast-pull -2% (ballast interest broadly steady). Load hubs where cargo is concentrating: Durban (PAI 8.2), Richards Bay (PAI 6.7), Port Elizabeth (PAI 5.2). Busiest lanes out — EAST SOUTH AFRICA→NORTH CHINA (13 voyages, ~$13789/day); EAST SOUTH AFRICA→VIETNAM (10 voyages, ~$13789/day).
PERU
Leading signal — 7-day ballast-pull +33% (empty ships building toward this load zone (firming)). Busiest lanes out — PERU→NORTH CHINA (11 voyages, ~$9881/day).
NORTH CHINA
Leading signal — 7-day ballast-pull +1% (ballast interest broadly steady). Load hubs where cargo is concentrating: Tianjin (PAI 19.1), Caofeidian (PAI 7.6), Lianyungang (PAI 7.6). Busiest lanes out — NORTH CHINA→PERU (9 voyages, ~$19816/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull -11% (ballast interest thinning here (softening)). Busiest lanes out — UNITED STATES PACIFIC→PHILIPPINES (9 voyages, ~$7964/day).
68-90K — ~$20544/day ($+1987 d/d); 427 voyages, 98619360 kt-miles tracked
Momentum: +83% vs balanced, +0.1% day, -7.3% week (relative to a balanced market).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Newcastle (PAI 21.2). Busiest lanes out — EAST AUSTRALIA→SOUTH CHINA (38 voyages, ~$16966/day); EAST AUSTRALIA→SOUTH JAPAN (34 voyages, ~$16966/day).
WEST INDONESIA
Leading signal — 7-day ballast-pull -3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Taboneo Anch (PAI 10.6), Bunati (PAI 7.6), Tanjung Pemancingan (PAI 4.9). Busiest lanes out — WEST INDONESIA→SOUTH CHINA (91 voyages, ~$24523/day); WEST INDONESIA→MID CHINA (43 voyages, ~$24523/day).
UNITED STATES PACIFIC
Leading signal — 7-day ballast-pull +10% (empty ships building toward this load zone (firming)). Busiest lanes out — UNITED STATES PACIFIC→SOUTH JAPAN (20 voyages, ~$17383/day); UNITED STATES PACIFIC→SOUTH KOREA (17 voyages, ~$17383/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 29.8), Paranagua (PAI 8.8), Rio Grande (PAI 4.9). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (14 voyages, ~$24523/day).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +14% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Hay Point (PAI 12.9), Gladstone (PAI 8.9), Abbot Point (PAI 4.9). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (32 voyages, ~$16966/day).
90-120K — ~$28571/day ($+4230 d/d); 121 voyages, 47367253 kt-miles tracked
Momentum: +110% vs balanced, -1.0% day, +4.8% 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 5.6), Hay Point (PAI 5.6), Port Hedland (PAI 5.0). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (30 voyages, ~$29686/day); NORTH AUSTRALIA→VIETNAM (14 voyages, ~$29686/day); NORTH AUSTRALIA→SOUTH JAPAN (10 voyages, ~$29686/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 11.1). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (16 voyages, ~$29686/day); EAST AUSTRALIA→NORTH JAPAN (13 voyages, ~$29686/day); EAST AUSTRALIA→TAIWAN (10 voyages, ~$29686/day).
WC CANADA
Leading signal — 7-day ballast-pull +300% (empty ships building toward this load zone (firming)). Busiest lanes out — WC CANADA→SOUTH JAPAN (6 voyages, ~$10937/day).
120-190K — ~$33830/day ($+133 d/d); 313 voyages, 243527744 kt-miles tracked
Momentum: +96% vs balanced, -0.5% day, +18.6% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull +5% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Port Hedland (PAI 30.4), Port Walcott (PAI 12.3), Dampier (PAI 11.5). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (152 voyages, ~$37389/day); NORTH AUSTRALIA→MID CHINA (47 voyages, ~$37389/day); NORTH AUSTRALIA→SOUTH CHINA (47 voyages, ~$37389/day).
GUINEA
Leading signal — 7-day ballast-pull +12% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Kamsar (PAI 10.3). Busiest lanes out — GUINEA→NORTH CHINA (16 voyages, ~$24012/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull +3% (ballast interest broadly steady). Load hubs where cargo is concentrating: Itaguai (PAI 6.5). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (9 voyages, ~$29494/day).
PERU
Leading signal — 7-day ballast-pull +25% (empty ships building toward this load zone (firming)). Busiest lanes out — PERU→NORTH CHINA (6 voyages, ~$12097/day).
WEST SOUTH AFRICA
Leading signal — 7-day ballast-pull +12% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Saldanha (PAI 6.2). Busiest lanes out — WEST SOUTH AFRICA→NORTH CHINA (5 voyages, ~$24662/day).
190-250K — ~$31535/day ($+160 d/d); 236 voyages, 211840149 kt-miles tracked
Momentum: +80% vs balanced, +5.9% day, -4.7% week (relative to a balanced market).
NORTH AUSTRALIA
Leading signal — 7-day ballast-pull -17% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Port Hedland (PAI 29.4), Port Walcott (PAI 8.7), Dampier (PAI 8.3). Busiest lanes out — NORTH AUSTRALIA→NORTH CHINA (104 voyages, ~$34198/day); NORTH AUSTRALIA→SOUTH JAPAN (34 voyages, ~$34198/day); NORTH AUSTRALIA→MID CHINA (25 voyages, ~$34198/day).
GUINEA
Leading signal — 7-day ballast-pull +29% (empty ships building toward this load zone (firming)). Load hubs where cargo is concentrating: Kamsar (PAI 5.9). Busiest lanes out — GUINEA→NORTH CHINA (16 voyages, ~$17939/day); GUINEA→EC INDIA (4 voyages, ~$17939/day).
SOUTH BRAZIL
Leading signal — 7-day ballast-pull -5% (ballast interest thinning here (softening)). Load hubs where cargo is concentrating: Itaguai (PAI 10.2). Busiest lanes out — SOUTH BRAZIL→NORTH CHINA (11 voyages, ~$32885/day).
EAST AUSTRALIA
Leading signal — 7-day ballast-pull -17% (ballast interest thinning here (softening)). Busiest lanes out — EAST AUSTRALIA→SOUTH JAPAN (6 voyages, ~$34198/day).
Outlook (forward view)
Based on the forward signals, the market appears to be heading for further firming over the coming days and weeks, driven by robust demand and tightening supply. The week-over-week momentum is positive across most bands, with the 68-90K and 120-190K segments showing particularly strong vs-balanced positioning. The per-lane 7-day ballast-pull trend also suggests that empty ships are building toward load zones in regions like NORTH AUSTRALIA and WEST INDONESIA, which should lead to higher rates. While the world port/sea ratio and LSR direction indicate a balanced market, the overall momentum and leading indicators point to a firming scenario. Specifically, the Kamsarmax and cape segments are likely to see continued strength, while the Coaster segment may remain range-bound. This outlook is based on a model-and-momentum scenario read and should not be taken as investment or trading advice.