News Breakbulk & Project Cargo measure of the strength of spot freight earnings for 38,000- dwt dry bulk vessels , reached 761 as of July 31 , a negligible change from 763 in late June but still up 93 % year over year , according to a report from Hong Kong-based bulk carrier Pacific Basin . The BHSI reached its pandemic market high of 2,062 on Oct . 20 , 2021 .
MPV / HL demand has slowed from the fever pitch of COVID-19 but remains well above prepandemic levels . Swire Projects
As of Aug . 2 , the average spot market time charter ( TC ) rate for a standard 38,000-dwt bulker was $ 12,977 per day , while for a 28,000-dwt bulker , the net TC average was $ 11,109 per day . TC rates are a measure of daily revenue performance and do not include voyage costs .
Stable or increasing handysize rates are a positive sign for the MPV sector , especially for MPVs with smaller lift capacities , as they imply there is ample demand for minor bulk cargoes such as steel pipes and forest products , as well as grain and other true bulks that MPVs often carry .
“ We rely on bulk to get out of certain areas ,” the carrier executive said . “ When handys are earning $ 20,000 to $ 30,000 a day , we are at about half that — our vessels are smaller . That ’ s decent enough to get back to a trading area .” Ongoing turmoil in the Red Sea region , alternative routing , congestion and high container rates are among the factors supporting MPV rates . The container market seems to be “ continu [ ing ] sideways ,” according to the Toepfer monthly container report .
In the US , longer-term project cargo prospects “ depend on interest rates and the [ presidential ] election ,” the carrier executive said .
email : janet . nodar @ spglobal . com
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