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Capesize: As China returned from their Lunar New Year holidays there was hope in some quarters that the market would see a recovery from the steep declines of January.
As we edge closer to 2024, oil markets have increasingly begun to question what OPEC’s strategy for next year might look like. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Capesize: The Capesize market had little cheer this week as rates subsided throughout the week, albeit on the back of reasonable fixing activity. The Capesize 5TC now stands at $9,305 - a decrease of 3502 week on week.
The upcoming winter season could be a very welcome time-out from sub-USD 10,000 per day markets for both crude and product tanker markets. BIMCO forecast that freight rates for VLCC will firm as the winter season
Capesize: Activity in the Capesize market had the 5TC pushing in value over a few days in midweek.
Panamax: A strong week for the Panamax market, principally for the Atlantic basin, with a good replenishment of mineral cargoes seen all week versus a limited tonnage list. 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.
Supramax: A week of falls across most routes led to the BSI closing at 3,348, a drop of 122 week-on-week. With Hurricane IDA the US Gulf lost momentum as cargo supply eased, whilst from South America fresh enquiry was limited. 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.
Normalisation of ship routings could cool dry bulk market
Much has already been said about the impact of Coronavirus on the oil and tanker markets. The weekly tanker market report by Gibson Shipbrokers.
