Two days ago, the FFA market for Capesize and Panamax vessels posted large declines but has since recovered with next month FFA’s currently quoted at USD29.8k/day and USD20.9k/day, respectively, versus current spot rates of USD28.1k/day for Capes and USD18.8k/day for Panamaxes (BPI 74).

Capesize spot rates posted a 7.4% gain today, continuing the positive momentum, while Panamax spot rates were up 11.6% today and 7.8% yesterday, having broken their consecutive deteriorating trend from the USD26.2k/day peak in mid-March.

All in all, the recent uptick further strengthens the positive development for the dry bulk freight markets as the bullish momentum continues into Q2 after a surprisingly strong Q1 – which traditionally is low season.