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 cape market has been marked by varying levels of activity and changing sentiments.
The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to recover. The dry bulk sector needs to copy that approach.
Capesize: The Pacific market started with a positive outlook, maintaining healthy cargo volumes driven by substantial coal shipments from East Coast Australia to the Far East. Rates initially increased, but as the week progressed, a notable shift occurred. Owners began contemplating ballasting towards the Atlantic, creating additional pressure in the Pacific market.
Growing oil market imbalances drive tanker improvements
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
Capesize: The week in the Cape market has shown a mix of activity in both the Pacific and Atlantic regions.
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.
What a difference a year makes! At the end of 2021, container ships were enjoying a historically strong market and freight and time charter rates had yet to peak. At the same time, dry bulk ships were seeing multi-year high rates slipping away, although still enjoying better returns than in previous years. However, tanker ships were seemingly still stuck in a COVID market rut without any immediate hopes for a strong comeback.
Capesize: The Capesize market has made the most of the short working week as rates have lifted strongly, with the 5TC now residing at $24,002 - up $6262 week on week.