Even with the ECSA still providing just enough cargo demand to keep Brazil/China voyages hovering at US$ 20.8/mt, Capesize freights are looking at an increasingly thin upside with charterers and owners coming to something of an impasse. Pacific round voyages are also holding to circa US$ 8.2/mt, but owners are struggling to push those levels any higher for mid-July positions. Pac round time charters are under pressure in the US$ 13,000s range.
Atlantic Panamaxes are at something of an equilibrium with charterers unable to push rates for TARVs any lower than US$ 6,500 while owners are hoping to keep them above US$ 7,000 daily at the same time. South America remains the great hope to turn things around and despite continued strength from the ECSA export market, the rest of the Atlantic is far less inspiring. New front haul business is also seen stabilizing with Kamsarmaxes said to be securing upwards of US$ 15,000 daily plus US$ 500,000 BB.
Chinese holidays are probably the biggest story in the eastern Supramax trades, although they don’t seem to have subdued rates as much as they have activity with standard NoPac rounds on 58,000 dwt ships having remained largely unchanged over the past week in the US$ 7,000s. Ultramaxes are heard to be securing over US$ 8,000 on inter-Pac rounds from Singapore-Japan into SE Asia as avails tighten. Handysize activity has notably fallen off in recent days even as spot freight levels have come under the kinds of discounts that are not normally assumed to hit the small size sector with northbound rates ex-SE Asia to NoPac losing US$ 300-400 week-on-week.
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Owners of 
Holidays here and holidays there (not to mention the odd historic coronation in between) are putting the brakes on business activity to a notable degree across the North Sea and, to a less extent, the Baltic market as well. Coaster trades are nonetheless more stable than one might expect them to be at this juncture with week-on-week losses looking rather minimal. On the other hand, compared to this time a year ago, rate levels have declined rather steadily and unrelentingly in the past 12 months with inter-Baltic westward freights now in the low EUR 20s/mt (basis general cargoes of 5,000mt) whereas the same business was fetching mid-high EUR 30s/mt in May of 2022. Admittedly, this was at extraordinarily high levels compared to the historical average, benefiting from the remainder of positive market vibes from the mighty upsurge of 2021. But this year’s nominal return to normality has not been as brutal as many predicted it might be. Baltic-based short sea owners are still making profits from their agreements even if earnings are nothing like they were 1-2 years ago. Northbound freights from the GNS are fetching mid-EUR 20s/mt of up to EUR 25/mt based on Irish Sea redelivery even as they began the year trading in the EUR 30s/mt. Southbound freights fixed from the UK North Sea to the Sea of Marmara are no longer fetching EUR 50s/mt as they did a month ago, but 3,000mt generals can still get high EUR 40s/mt.
The Pacific Supramax freights have remained largely buoyant over the past week with average rates for NoPac rounds gaining some US$ 750-1,000 week-on-week to settle at rates of around US$ 10,500 with reports of as much as US$ 11,000 in negotiations in tonnage of 58,000 dwt. Indeed, backhaul rates have already been reported at this level on Ultramaxes ex-ECI back to the Continent. Indonesia rounds are also climbing back quickly compared to weeks past with upwards of US$ 14,500 daily not available on tonnage of 58,000 dwt (ex-WCI) and as much as US$ 16,000 on tonnage of 62,000 dwt. Unlike the larger Supras and Ultras, eastern Handysize rates have not increased noticeably over the past week, although they have not decreased either. This stability is what owners have come to expect and last few days have born that out. N.China delivery of 38-42,000 dwt tonnage to CJK or S.Korea is about as likely to secure about US$ 10,250 daily as it was a week earlier. Steel cargoes are being shipped on tonnage of 42,000 dwt ex-S.China to the UKC-Med at up to US$ 13,000, brokers say. Trips from the Singapore-Japan area to Southeast Asia on standard Handy tonnage are fetching mid US$ 9,000s.
Off the Continent, an Ultramax was taken for a trip to the East at US$ 20,000 daily, and at US$ 15,500 daily for a trip tip to West Africa on Supra tonnage. Ultra scrap TC rates are hovering around US$ 13,500-14,000 daily. The Black Sea looks stable with 30,000mt booked from Romania to the East Med at TCE of US$ 13,500 daily. Rates are still sounding okay from the Med where clinker charterers took an Ultra at US$ 18,000 daily to West Africa. Grain charterers are linked with a 30,000mt cargo from Romania to the Adriatic at a TCE of 13,500 daily. A 36,000 dwt is rumoured as done at US$ 11,000 daily for 5-7 months of trading. 
Winning Shipping
World 
Off the Continent, the owners of a 38,000 dwt vessel have been testing charterers at a rate of US$ 29,000 daily for a trip via the Baltic Sea to the eastern Mediterranean, which ended up failing to attract charterers who were talking US$ 24,500. From the Black Sea area, loading in some Russian ports is now laden with an additional EWRI cost of around US$ 80,000 daily on top of the already much higher premium rates, owners are holding out for. Grain charterers continue quoting two cargoes from Romania to Tunisia, for which they aim at US$ 34-35/mt. A 30,000 dwt vessel is said to have been fixed at US$ 25,000 daily for a trip to the US Gulf.