The Baltic Capesize Index peaked at 3,304 points on August 14 only to fall to 2,773 on September 3. But then it staged a recovery and by September 18 it was back at 3,411 points. The movement has been largely positional, with charterers aiming to keep freight rates on the big volume route from Australia to China below $11 per tonne. By September 18, the per tonne rate of $10.96 translated to a daily hire rate of $30,786, its highest level since November last year and the first time this year it has broken above $30,000 per day. Meanwhile, on the long Tubarao to Qingdao voyage, freight rates have been stuck at $23 to $25 per tonne, returning a TCE of $26,512 on September 18, up just 1% over 30 days. Brokers report increased chartering activity, and, as more vessels are hired and tonnage lists tighten, rates should improve further from here. The Baltic Exchange C5 average daily hire rate for capesizes stood at $28,288 on September 18, up 6% over 30 days. Panamax freight markets stay firmer in the Atlantic than in the Pacific where weak Chinese economic activity has capped progress. For instance, the TCE on the Europe-Americas-Europe round voyage rose 32% over the month to September 18, reaching $20,236, though it peaked four days earlier at $22,977. The voyage from Europe via the US Gulf to Asia via Panama added 21% to hit $27,054 over the same dates, having also peaked earlier at $28,758 on September 12. The assessed rate from Mississippi to Qingdao swelled by 16% over the month to September 18, settling at $27,466 having been as high as $28,510 on the 12th. Further south, the rate from Santos to Qingdao, a far more active freight market, only increased 6% to $16,122 as sufficient tonnage was available to soak up stems. The north Pacific round voyage rose only 3% to $14,490 on September 18, while the coal run from South China to Indonesia and fell 5% to $13,544 per day. Overall, the Baltic Panamax Index ended August at 18,470 points, slipped to 1,719 points on September 3, then as chartering picked up it accelerated to 2,006 points on September 12, only to slip back again to 1,881 points on September 18. With China’s Autumn festival and Golden Week coming up, owners may be anxious to fix ships sooner rather than later – and charterers will be well aware of owners’ anxiety. The geared bulker market continues its ascent from the lows of February this year. One route in particular stands out – the voyage from the US Gulf to northeast Asia. A 63,000 dwt ultramax was rated at $31,357 per day on this voyage as of September 18, up 15% over 30 days and the highest level since January 5, 2024. Supposedly, China has not bought one soya bean from the US this year, but something must be moving on this route. Exports from the US Gulf to northwest Europe are driving ultramax freight rates to multi-year highs of $32,836 per day, as of September 18, which is 18% higher than a month earlier and up from a nadir of $12,554 on February 2 this year. Ships fixed ex-discharge in West Africa to load South American grain for Asia discharge were rated at $21,950 per day on September 18, up 17% over 30 days and their highest since September last year. Black Sea grain shipments are still a feature despite the Ukraine war. Ultramax freight rates from the Black Sea to the Far East added 23% over 30 days to September 18, reaching $20,625 per day, their highest since the peak of the last grain season in October 2024. Overall the S11 TC average of ultramax TCEs was up 1