Dry cargo market report dated 8 March 2024
12 March 2024Capesize: Throughout the week, the capesize market experienced shifts in sentiment and activity.
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Capesize: Throughout the week, the capesize market experienced shifts in sentiment and activity.
Capesize: This week the capsize market has been marked by a mix of activities and challenges.
Total US crude exports to all destinations other than China hit a new all-time high in August at 6.96 million tonnes.
Capesize: This week began on a positive note in the Pacific market, with all three major players actively participating and securing vessels at more favourable rates.
Capesize: As the week commenced in the Pacific, it became apparent that there was a notable level of enquiry, defying the usual subdued nature of Mondays.
Capesize: After the surge of activity in the middle of the week, the Capesize market calmed on Friday to welcome the long weekend approaching in most of the countries in both basins.
Capesize: The Capesize market lost ground throughout the week with the average of the five time charter routes trending down from $21,526 on Monday to $17,255 on Friday.
This week, despite the rapidly escalating Covid-19 crisis across much of Asia, steel plate prices continue their upward trajectory once again for the second running week. The weekly demolition report by GMS, provides an overview of the demolition market, price by scrap yard location and ship type.
In the past three months, time charter rates have hovered around the same levels, providing owners with a steady market despite the downward shift in spot freight rates. Summer demand should determine the next turning point, with initial indicators suggesting weaker East/West volumes, but stronger North/South trade. Moreover, increased flows on the Middle East and intra-Asia trades should drive rates for small containerships higher, as idle capacity is now removed and orderbook in this segment is low.
Capesize: The Capesize market was under pressure across all routes most of time this week. The weekly dry bulk market report contains a summary of the recent movements in the market, alongside the latest figures for average dry bulk earnings and Baltic Dry Indices.