The recent Capesize rally—which has seen freights return to January levels enjoyed before the Brazil mine disaster and its related freight crisis—came to a pause at the resumption of business this week with few major changes seen either up or down, but some worrying corrections on the trans-Pacific RV. The Pac RV had been rising rather rapidly in recent days, only to see a sharper reversal of some US$ 300 (the strongest of all routes) in its assessment to settle in the US$ 17,000s. Another day of trading will likely indicate whether this is a speed bump or the end of the most recent recovery cycle. For now, with new fixtures lacking, the latter option seems most likely. A stretch of noncommittal days from charterers has left the Panamax markets high and dry at this stage of the month of June with owners left to hustle to find employment in a newly unsure market. TARVs have started to turn downward more quickly than in day past with the US$ 8,000s having already col­lapsed to the US$ 7,000s and trends suggesting that US$ 6,000s are not impossible before the week is over. Front hauls have also slowed with US$ 17,000 daily about the best that an ex-Continent trip can fix.

Handy bulkers get a little push on some runs in the Atlantic thanks to sentiment staying just barely on the positive side and tonnage still tightening around the Continent. Black Sea front hauls are mildly as­cendant still with US$ 14,000s daily still achievable on Supra tonnage to the Far East. ECSA front hauls are also growing ever so slightly with some owners reporting up to US$ 14,500 daily on N.China redel for 56,000 dwt ships. Indeed, the market remains on a knife’s edge in both hemispheres with the East showing Indo rounds holding steady at US$ 9,000.

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