Now is a good time for owners of supramax bulk carriers, for which spot rates have reached some of the highest levels seen since 2008. Day rates as high as $40,000 and even $60,000 are being heard in certain pockets of the market around the world. Baltic Exchange panelists assessed the average supramax spot rate, which is weighted across 10 benchmark routes, $158 higher on Wednesday at $32,817 per day.

The assessment has never been this high using its current methodology, which was brought in six years ago. Going back even further, this new level would appear to be highest assessment since mid-September 2008, based on the outdated methodology. That said, it was a quiet day for reported fixtures on Wednesday and only two new spot deals for supramax and ultramax vessels came to light. An unnamed charterer reportedly fixed Chelleram Shipping’s 61,087-dwt ultramax Darya Mira (built 2021) for a trip from Jakarta to Singapore/Japan via South Africa from 11 August at a daily rate of $38,500.

Lack of tonnage and strong demand in the India to Middle East Gulf range has led to day rates of above $38,000 for vessels fixing for trips from southeast Asia via South Africa, according to a report on Wednesday by Fearnresearch, the research arm of Norwegian shipbroker Fearnleys. Why have spot rates got to such high levels? Strong demand for the vessels across the board, according to Fearnresearch.

Grain cargoes from eastern Europe are still coming thick and fast, which is supporting vessel demand in the region and pushing rates to almost double Wednesday’s Baltic assessment. The Black Sea market is “still very active“, Fearnresearch said. Fronthaul trips from the region are currently paying anything from $55,000 to $60,000 per day, depending on the specific vessel’s position and specification, the firm said in its report.

“The Continent and Mediterranean market are well supported with lots of resistance from owners to go to West Africa due to the recent pirate attacks,” the report said. Supramaxes heading to the Mediterranean can expect to earn around $35,000 per day and day rates in the high $40,000-per-day range for trips to the East, the firm added.

Activity is waking up in the US Gulf market and rates there are stable, according to the report. Rates for transatlantic round voyages are fixing in the low $30,000-per-day range, while ultramaxes are being booked at north of this level. Supramax and ultramax bulkers are meanwhile achieving rates in the mid- to high $40,000-per-day range for trips to the East from the US Gulf.

The market for east coast South America has also been firming since the end of last week, although little new information has come to light, Fearnresearch said. One ultramax was rumored to have been fixed on subjects for a trip from the region to the Far East for $30,000 per day, plus a $1.6m gross ballast bonus, Fearnleys added.

Meanwhile, Fearnleys described the Pacific market as “stable”, but a fixture on Wednesday was reported at a lower rate than previous deals. Almi Marine Management of Greece was said to have fixed its 57,260-dwt supramax Kibali (built 2011) to an unnamed charterer for a prompt round-trip from China via Indonesia at $25,500 per day, according to fixtures reports on Wednesday.