Atlantic Handysize dry freight down over $2,000/day on scarce cargoes
Trans-Atlantic Handysize dry freight time charter rates fell Tuesday as shipowners struggled to fix cargoes for their vessels.
A 37,000 dwt vessel was heard accepting $8,000/day Monday for trans-Atlantic business, and a Handysize vessel was heard fixed on Friday from the US Gulf to the UK-Continent at close to $6,500/day.
Previous rates on similar routes were around $10,000/day APS, including the Elegant SW, 37,163 dwt, from Corpus Christi, Texas, to the Mediterranean from January 3 onward.
Market participants expected to see an increase in rates, as low freight prices could bring charterers into the market.
“The market is in free fall, but I think cheap freight should encourage more cargoes into the market,” said a Handysize shipbroker. “There are many charterers trying to sell right now, especially given that Handysize vessels have far more cargo options.”