Capesize sentiment remains positive as market loses ground
The Baltic Exchange capesize index dropped to 2,393 points at the close on June 8, down 20.7% from the week before and 55.7% lower than a record high of 5,404 on May 5
The Baltic index has lost ground in the past two weeks. However, brokers are talking of a strong market for capesize ships, and as a result, futures prices have recently been trading at record premiums versus the spot index
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The new company is said to have already ordered several newcastlemaxes from New Times Shipbuilding in China to be delivered in 2023
In the longer term, the Chinese economy will be increasingly driven by advanced technology and less by building and construction activity in the coming years, according to a Danish Ship Finance quarterly report. This will reduce the Chinese economy’s requirement for steel, hampering demand growth for iron ore and putting pressure on the capesize fleet
Brokers say most of the activity occurred in the Pacific region, a point borne out by the C5 Western Australia to China trade route, which surged by 14.9% week on week
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