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- Dry Bulk Market Overview (17 May 2019)
Having had a relatively beneficial week, Capesizes start to flatten as the week ends with owners hoping that sentiment stays in their corner with trends moving sideways and some already trending downward. Front haul trips seem to have already peaked with the mid US$ 20,000s moving back into the US$ 24,000s and Pacific RVs into the US$ 11,000s. With Vale’s output very much in question and US-China trade conflicts at the fore, it remains to be seen what May has to give for this most volatile of bulk carrier sectors. But owners remain optimistic as ever. Panamaxes continue to enjoy their day in the sun with solid improvements on all freights observed across the board and charterers reluctantly giving premiums over last-done levels on nearly every rate. Front hauls that were getting low US$ 17,000s early in the week are now commanding high US$ 17,000s and even as much as US$ 18,000 daily in some cases. With little reason to do otherwise, Supramax owners are pushing for generously improved rates on all freights coming from the USG as more than US$ 12,000 daily has been observed on freights to the Continent and US$ 18,000 on front hauls with NoPac redelivery. The rest of the market is less buoyant by comparison, but owners are undoubtedly inspired to seek higher freights on nearly every rate.
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