Following their slowing momentum at the end of last week with a renewed bout of energy at the start of this week, Capesize freights continue to surprise with the back haul assessment being the unlikely recipient of the biggest day-on-day improvement of any freight as the new week begins. Back haul trips seem to have jumped from the middle to high US$ 30,000s of more than US$ 39,000 over the week­end alone. Pacific round voyages, meanwhile, return to their old tricks with a US$ 2,000 day-on-day improvement taking them back to US$ 69-70,000.

With the possible exception of the Pacific round voyages (rising into the US$ 36,000s on 82,000 dwt tonnage), Panamax freights seem to be coming off the boil for the moment with sideways trends taking over before the week’s business gets fully underway. It remains to be seen if upgrades will continue as the week proper begins, though it is noteworthy that pressure has grown on trans-Atlantic round voyages enough so that US$ 37,000s have been drifting into the US$ 36,000s (based on the Kamsarmaxes) and standard tonnage is now getting US$ 35,000s (com­pared to US$ 36,000s from the end of last week).

Despite the lively southern European grain markets, Black Sea Supramaxes appear to have accumulated just enough to cover any new grain demand, which itself may be slightly down from mid-September levels. As such, Black Sea front haul rates continue to slide (basis 58,000 dwt) into the US$ 54,000s after trading in the high US$ 50,000s no less than two weeks ago. Owners can’t really complain very much, however, as such freights are still trading at historical highs not seen in many years. Indonesia rounds have stabilized within the US$ 36-37,000 daily range.

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