After suffering pandemic crisis setbacks, the dry bulk market is trying to pick itself up thanks to the significant increase in agricultural shipments from Brazil, the United States and Argentina.
In the first six months of the year, exports of cereals, soya beans and corn from the three countries totaled 148.6 million tonnes, almost 12 million tonnes more than in the same period in 2019.
Driving the market towards new opportunities for recovery is, above all, soya bean exports from Brazil, which rose by 40% in the second quarter. In August alone, total throughputs from South America were up by 28% to 6.4 million tonnes.
Exporters in the Western Hemisphere handled 22% more agricultural bulk in the second quarter than in the same period last year.
Benefiting from the situation are the Panamax category bulk carriers, whose freight rate (the average weighted time charter) on the Baltic Exchange reached 1604 points last Tuesday, 60% higher than in January. The average daily freight rates for these ships are currently at $14,405.
The same index for supramax ships has reached the highest levels since the beginning of the year, hitting 965 points.
Translation by Giles Foster