The last day of the first quarter of 2021 brings mixed tidings for the Capesizes with declines having continued to ease from recent sharpness and owners starting to feel better about Q2 prospects after enjoying a (mostly) fruitful Q1. Indeed, owners may have become spoiled, if just barely, after seeing rates keep rising for weeks on end. But still at recent historical highs, Cape freight rates will need to reach a bottom soon (as they are already suggesting) if they want to maintain these highs. Front hauls are already moving in a positive direction with US$ 32,500 at last-done.

Panamax prospects look rather more dire than their larger brethren with recent highs (some would say overheated highs) crashing down more swiftly than owners appreciate. Indonesia rounds are perhaps the most rapidly in decline after seeing several weeks of continued improvement—last-done rates have fallen in to the US$ 25,000s with lower US$ 20,000s more than likely over the Easter holidays. Pacific round voyages have been sliding into similar middle US$ 20,000s rates as charterers apply more pressure.

As the long Easter weekend nears, Supramax owners are more desperately seeking cover into the new month and, perhaps, less friendly market conditions than they have become accustomed to. Black Sea front hauls continue to decline on the spot market with early week US$ 29,000s moving to midweek US$ 28,000s while the charterers actively seek US$ 27,000s on the same biz (based on 58,000 dwt tonnage). Indo rounds have been fixing & failing in recent days with a 56,000 dwt having failed at US$ 24,000 ex-Bahodopi (early April) on S.China redel.

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