The dry cargo market grew by 5% in the first quarter compared to the same period last year. However, the month-over-month growth for March was just 2%, indicating a slowdown in the initial gains. In March, the agricultural market performed particularly well, with wheat and maize exceeding normal levels for this time of year. Additionally, a robust soybean season resulted in a 6% agricultural increase compared to March of the previous year.
Iron ore shipments from the Atlantic Basin experienced a strong start in January and February, but by March, they had leveled off to match last year’s figures. This is attributed to high stock levels at Vale and exceptionally favorable weather conditions brought by El Niño.
Intra-Pacific Panamax and Supramax trades outperformed other size segments in the first quarter, showing significant growth in extra cargo trade. Notably, Supramaxes maintained their strong performance into March.