The panamax bulker market had a good day on Tuesday thanks to supply constraints and grain expectations out of the Americas, while the rest of dry bulk shipping lost some ground. The Baltic Exchange’s Panamax 5TC spot-rate average across five key routes gained 6.5% on Tuesday to come in at just over $12,700 per day. “The cargo list is well supported by the end of September and beginning of October for grain cargoes exporting from the US Gulf, where we have seen some bids rise a touch from last week,” French shipbroker Barry Rogliano Salles (BRS Group) said in a report on Tuesday.

Kotoko Kaiun’s 82,000-dwt Ever Zenith (built 2021) was hired on Tuesday to carry grain from east coast of South America to Europe at $23,000 per day, Baltic Exchange data showed. Loading is set for 20 September. A similar voyage has not been fixed since 23 August, when a 79,000-dwt bulker was chartered for $26,000 per day on the route. But assessments for transatlantic round voyages jumped $585 on Tuesday to hit $10,100 per day. Despite Tuesday’s gains, the Atlantic market still lacks mineral cargoes. “As the tonnage list continues to build, it leaves many in doubt as to how long the positive feel will last,” BRS said.

It was a mixed day for panamax futures on Tuesday, but FFAs continued point to higher spot rates in the months and quarters ahead. October contracts gained $357 to come in at $16,300 per day, but December contracts dipped $179 to just over $15,100 per day.

BRS Group added that panamaxes in the North Atlantic may come down and pick up soybeans from East Coast South America and send them to China, which expects to boost soybean imports by 9% to 98 MMT during the 2022-2023 marketing year. Meanwhile, Brazil is expected to export 92 MMT of soybeans during the marketing year, up 19% from what it sent out in the prior marketing year, Greek broker EastGate Shipping said. “This gives hope to earnings’ projections for the medium-sized bulkers that tend to carry the commodity on long-haul voyages,” the company said in a report on Tuesday.

Further, Canada is expected to harvest 34.6 MMT of wheat during the same marketing year, up 55% more wheat than last marketing year’s volume. The country also expects to export 19.5 MMT of canola during the year, up 19% from the prior marketing year, EastGate said.

“Overall, China’s feed needs remain elevated lending hope to the shipping markets, as it is said that China has been postponing its grain purchases towards the last quarter in anticipation that a large US harvest of around 123 MMT will put pressure on the commodity prices,” EastGate said.

Other bulker segments took losses for Tuesday. The Capesize 5TC slipped 9.1% on Tuesday to $6,093 per day, while the Supramax 10TC gave up $127 per day to come in at $16,355 per day.