With markets in flux, resource prices shifting and sentiment turning around among the biggest bulkers, there is reason to expect a robust recovery in Capesize rates. On the other hand, we’ve been here before and rather few are convinced that any sustainable rebound is behind the current bounce. Nonetheless, day-on-day gains of US$ 1,000 across the board are injecting the market with a sense of optimism as TARVs move toward US$ 21,000 daily. Period deals have been getting fixed in the low US$ 20,000s with at least one medium period deal having exceeded US$ 23,000 daily on a 180,000 dwt.
Tentatively, Panamaxes start the week with freights ever so vaguely trending in owners’ favour even as it remains exceedingly clear that markets are still rather indecisive as to where rates will go in July. Business activity is higher than it has been for some time, at any rate, especially for the start of the week, so this was taken as a positive sign by the more optimistic owners. Period business, as with Capes, has accelerated of late with short periods at US$ 13,000 plus.
There are mixed reports from the Black Sea about Handy bulk business, but we are hearing from some traders that front haul trips are poised for improvement as freights of US$ 15,000 daily move into the US$ 16,000s for middle-July dates. The Atlantic is nevertheless rather calm if compared to its eastern counterpart as Southeast Asia starts showing signs of recovery with handful of northbound trips in the US$ 11,000s daily on modern Ultramax tonnage.
Want to read our shipbroker viewpoint fresh each morning?
Subscribe to the BMTI DAILY REPORT today.
