BALTIC EXCHANGE SHIPPING INSIGHTS
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 route were being fixed in the upper eight-dollar level for...
A tale of two halves this week as the market tide turned mid-week bringing a raft of higher fixtures to both basins. Pockets of pressure in the market released to the upside from Wednesday onwards...
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates were seen to quickly rise.
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days.
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days.
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment.
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow.
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week.
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region.
The story over the past week has been largely Atlantic dominated as the basin's uniquely volatile characteristics came into play.
The market closed on a quiet Friday last week after a few hectic days of mid-week trading.