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Crude oil has been trading in the USD 70-90 per barrel band for almost a year now. Oil prices crossed the USD 90 per barrel threshold in May
Capesize: Overall it has been an active week for the capes, with a healthy volume of enquiry in the Pacific.
This is the latest in a series of reports supplied by the Chamber of Shipping of America (CSA) with the intention of keeping BIMCO members appraised of legislative developments in the US affecting international shipping. BIMCO highlights only the relevant developments that would impact members. The full CSA June report is also provided.
”The smaller the better” seems to be the mantra in the tanker segment these days. Whilst all crude tanker segments enjoyed a spike in earnings in late December, the subsequent drop hit the VLCC much harder than the Aframax segment.
Capesize: The Capesize market declined early in the week without much support from either of the basins.
Capesize: The decline in the first week of the year appeared to be no surprise to the market due to the lackluster activity and seasonal headwinds since the holiday season.
Capesize: Week-on-week the average of the weighted 5TC average declined $790, finishing the week at $17,175. The Brazil to Qingdao trade slipped two dollars throughout the week, whilst the West Australia to Qingdao trade remained static in the low/mid $9s.
Capesize: The Capesize market had a positive week overall with the BCI and 5TC route average at 2003 points and $16,609, closing at 2,136 and $17,713.
Capesize: After several weeks of relatively flat price movement, the Capesize 5TC market has started to show a little positive sentiment with levels pushed to $15,299.
