For the panamax and supramax market, rates are seen falling as ample supplies offset strong Asian demand for South American grain shipments.
Capesize
Benchmark capesize fixture rates from Australia to China fell to $7.496 from $7.582 a ton last week as Japanese import needs were not yet clear and light buying from China.
Japan's reconstruction efforts were expected to do little to boost global freight rates as fleet expansion overshadows any demand surge from the world's third largest economy.
Japan was expected to increase coal imports to only 5 to 10 million tons this year since generators based on the fuel were already working close to capacity.
"Uncertainty due to events in Japan and in the Mediterranean are keeping the market weak, though there could be some near-term activity in the Atlantic due to nuclear plants in Germany being taken off line for safety checks," said shipbroker Fearnleys.
Also pressuring the market was weak Chinese demand.
Chinese steel mills, burdened by huge inventories of steel products and thin demand, had been slow in buying iron ore after aggressive stockpiling early this year lifted prices of the steelmaking material to record highs in mid-February.
Rates for the Brazil-China route rose to $19.512 from $19.408 a tonne last week.
The Baltic Exchange's main sea freight index rose 1.43 percent or 22 points from Tuesday to 1,565 after falling the whole of last week due to a glut of ships overhanging the market.
Technicals indicated that the benchmark index would rise to 1,800 in a week.
Panamax/Supramax
The Baltic Exchange's rate for shipments from Australia to Japan and South Korea, two major coal importers, eased to $15,968 a day from $16,027 last week.
"The market remains unclear of its direction in the Far East. Prompt tonnage is tight, but activity is still light," said broker firm ICAP.
"Going forward supply seems healthier, prompting most charterers to hold back if not pressed to cover."
The rate for panamax vessels travelling via the transpacific route was at $16,945, steady near a four-month high of $17,271 last week as Asian demand for South American grain shipments remained strong.
For the supramax market, rates for shipments from the east coast of India to China dropped to a five-week low of $15,696 from $16,050 last week on weak Chinese iron ore demand. (Reuters)
