A steadily improving market for supramax and handysize bulkers has resulted in the highest rates for the smaller haulers since early November.
The weighted time charter equivalent (TCE) average for supramaxes reached $10,809 per day on Thursday, gaining $254 per day since Wednesday and reaching the highest point since early November.
The last time the TCE rate climbed above $10,800 per day when it hit $10,854 per day on 6 November, according to Baltic Exchange assessments.
The Baltic Supramax Index (BSI) since Wednesday edged up 33 points to 983, breaking past 970 points first time since 5 November when it rang 974 points.
"Another positive day for BSI with most routes gaining ground," the exchange wrote on its daily market report.
The US Gulf-China route saw the highest TCE rate of $24,181 per day, up $203 per day from Wednesday.
The futures market for supramaxes is also showing promise with higher freight-forward-agreement (FFA) rates, up to $11,386 per day in October and $11,243 per day in November from $10,846 per day in September.
Four supramaxes were fixed on Thursday, the 57,959-dwt St Pinot (built 2013) receiving the highest rate of $19,500 per day from undisclosed charterers sending scrap to Turkey.
Handysizes reach highest point of 2020
The TCE rate for handysizes ticked up to $10,430 per day from $10,343 per day on Wednesday, hitting above $10,400 per day since 5 November when it reached $10,443 per day.
The Baltic Handysize Index (BHSI) inched up four points on Thursday to 579 points, exceeding 575 points for the first time since 1 November when it hit 581 points.
"Both the overall index BHSI and the time charter average climbed back to the highest point of the year, at 579 and $10,430 respectively," hr exchanger wrote in its report.
"Strong numbers were reported from the Continent but Far East routes slipped for the first time since early September."
The Brazil-Europe route saw a best TCE rate of $12,822 per day, up $116 per day from Wednesday.
FFA rates for the asset class are also up, showing $10,229 per day compared to $8,847 per day on September.
Two handysizes were fixed on voyages, the 37,268-dwt Sunrise (built 2009) getting chartered at $18,500 per day to Bulk Atlantic.
