The market’s performance in 2024
Despite a soft end to 2024, the markets fared better than last year. The Baltic Capesize Index averaged $22,593 per day, up 38% year-over-year, the Baltic Panamax Index averaged $14,099 per day, up 10% year-over-year and the Baltic Supramax Index averaged $13,601 per day, up 21% year-over-year. Moreover, these three segments in 2024 were, on average, 22% above their 10-year average rates.
The strength of the Supramax market in 2024 was driven by increasing trade volumes in major commodities (grain, coal, iron ore and bauxite) and vessels being rerouted due to the ongoing hostilities in the Black Sea and the Red Sea.
How the RSA performed in 2024
In 2024, the Supramax RSA once again outperformed the benchmark index by 4%, following a 5% outperformance in 2023. We ended the year on a high note by outperforming the index by 17% in December as we managed to take advantage of the fleet’s global positioning to extract the most value out of the market. Over the entirety of 2024, an RSA vessel’s earnings would have been around $200,000 more for an ultramax compared to a similar vessel on an index-linked charter.
Overall, out of 12 months, the RSA only had 2 months of negative performance and 10 months of positive performance. This outperformance comes despite several factors that can negatively impact a pool’s performance, i.e., the rise in the market, bunker prices declining by 5% to 15% (depending on location), and the RSA adding around 25 ships, which typically enter the Pacific, i.e., the weaker basin.
This year, we welcomed three members to the RSA: Stella Bulk, Unity Maritime, and York Overseas SA, the latter of which rejoined after exiting in 2023. Over the course of the year, 81 vessels were traded in the pool.
2024 RSA Facts & Figures
- Cargo Transported: 23.1 million mt, +16% year-on-year.
- Days Fixed: 21,618, +23% year-on-year
- Fixtures Concluded: 437, +19 % year-on-year
- Port calls: 1,372 (94 countries), + 23% year-on-year.
- Vessel Utilisation Rate: 95%
- Charterers: 158
- Main Cargoes Carried: Coal (21%), Agricultural Products (20%), Iron Ore (7%), Nickel Ore (7%) & Petcoke (5%)
Find out more about our Supramax RSA at https://ctmmc.com/pools/supramax/
