Backwardation will persist given uncertainty over demand linked to lower iron ore pricing and the Evergrande situation, which knocked some confidence over the longer term
About 5.5% of the dry bulk fleet, or 1 in 17 vessels, is caught up in congestion off China, Lloyd's List Intelligence data shows
Tanker futures show freight rate rally on hold | Tanker market may gain from LNG's price pain | Political pledges require detailed decarbonisation delivery | Capesize rates continue to soar
Bullish sentiment over dry bulk continues to dominate, prompting several owners to remain exposed to the spot market, although seeking cover through the traditional weaker first and second quarters of the year
China’s policy is unlikely to change much in the short to medium term, but it is likely to accelerate the decline of seaborne coal volumes in the longer term, according to analysts
The average weighted time-charter for five leading routes rose to more than $56,000 per day at the close on the Baltic Exchange. That is the highest for the 180,000 dwt assessment that was launched in 2014
Berge Bulk remains cautious over the long term as it believes that pandemic-related factors, which have been supporting demand, will be short-lived and owners might approach yards for new orders
Increased congestion is playing a significant part in daily spot rates shooting up to beyond the $53,000 mark on the Baltic Exchange, a new high for the 180,000 dwt assessment, from the $40,000 range a week ago
A military coup in Guinea has left China facing a bit of a double whammy in terms of problematic supplier nations as Guinea has rapidly become the largest supplier at a time when the Chinese demand for imported bauxite has increased significantly, says analyst
A number of US grain terminals have been taken offline by Hurricane Ida. This is disrupting soyabean shipments from the Gulf, which have recently become one of the most important trades for dry bulk markets
The Baltic sales and purchase assessments show secondhand prices for a five-year-old capesize vessels have surged 38.1% year on year. Panamax prices are up 41.4% and handysize prices have increased by 52%
Poten’s Erik Broekhuizen said that the Dangote refinery will dramatically change the crude oil and refined product balances in Nigeria and the wider West Africa region
Market participants expect rates to reach $60,000 per day in the coming weeks as vessels ballast towards the Atlantic basin
Capesize market has managed to shrug off softer indicators thus far, gaining 26% in a week to the highest level since the start of the assessment for the larger 180,000 dwt size
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