Dry cargo market report dated 1 September 2023
04 September 2023Capesize: The Capesize market observed a shortened trading week due to the public holiday in the UK on Monday and another in Singapore on Friday.
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Capesize: The Capesize market observed a shortened trading week due to the public holiday in the UK on Monday and another in Singapore on Friday.
Slower global growth and faster decarbonisation – since Russia’s invasion of Ukraine, the global economy has suffered from increasing food and commodity prices leading to inflation, and increased interest rates.
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.
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat differently.
Demolition prices have been on the rise since late last year and recently reached the same high levels seen in the beginning of 2012. In two of the major demolition markets, India and Pakistan, the positive development started around October 2013 after a year of more or less status quo. In China, also a large market for demolition, development has been the opposite, with slowly declining prices since the beginning of 2013.
The oil market has recently been shaken up by geopolitical events, but volatility in the price difference between low and high sulphur fuel cannot be explained by that alone – the uncertainty is the chaos factor.
Capesize: The Capesize market was unable to carry the rally from last week as rates were seen to dip sharply this week with the 5TC down 4901 to $19,875.
Capesize: The Capesize Baltic index returned from year-end holidays this week and immediately saw activity coming from the usual West Australia iron ore flow. 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.
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.