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• Bulker Update by BMTI’s London Shipbroker (22 May 2020)

  The Capesize recovery is welcome but not everyone is convinced. European holidays make the Atlantic picture in particular unclear although some weaker transatlantic negotiations were thought to be taking place but better rates were heard on the front haul. At midweek, Oldendorff fixed Tubarao/Qingdao at US$ 8/mt but it should be noted these improvements are taking place against the backdrop of rising bunker prices. Brent crude now stands at circa US$ 36 per barrel. In the Pacific West Australia/Qingdao is seeing decent enquiry with all the majors active and there still appears to be a shortage of early vessels that are able to comply with the Australian 14-day quarantine rule. BHP was heard to have paid US$ 4.70/mt with rumours Oldendorff paid US$ 4.80/mt and FMG rumoured fixed at US$ 4.85/mt.

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