Dry Bulk Market: Capesize Market Lacking Direction For Yet Another Week
The market floundered this week as it attempted to find a floor after the previous weeks plunge. Demand remained weak across most routes. The Atlantic incurred some heavy losses on a few days throughout the week before the tide appeared to turn on Friday. Stronger fronthaul numbers were being heard fixed late on Friday, while bids were heard to be lifting on C14 Brazil to China due to a lack of offers in the market. The West Australia to Qingdao C5 market lifted today to settle at $9.168. The Pacific had reasonable activity throughout the week but remains now within a range of $8.50 to $9.50. Being in the seasonal high Q4 period forward rates are elevated from todays level, yet this is tempered on the spot by the weak demand. The Capesize 5TC opened the week at $24,916, reached a low of $23,425 Thursday, before closing up Friday +$250 to settle at $23,675.
It was a week with continuous fall in the Atlantic basin whilst brokers were seeing signs of improvement in the Pacific as North Pacific grain lending support. The Baltic Panamax Index (BPI) stopped falling on Friday and returned to the positive territory in the last day of the week, with a strong push from the East. A Kamsarmax open Ghent went for a trip via the Baltic back to Skaw-Gibraltar in the mid $15,000s. More fixtures reported from East Coast South America, with the rates largely based on APS instead of DOP or retro Singapore delivery. 82,000dwt vessels were reportedly fixed for trips from East Coast ....