Cracks appeared in the capesize spot physical over the course of Monday which robbed paper of aggressive buying. The move lower saw good volume changing hands with plenty of buyers around no longer having to chase offers.
A dramatic effect on liquidity by Tuesday and thus on volumes transacted. Rates made a marginal recovery but direction was hard to gauge with the volatility more a reflection of liquidity issues rather than a shift in sentiment.
Under pressure again as the week ended, with physical hit in both basins. From the start of the trading buyers pulled back their ideas and the front of the curve came under pressure with the June, July and Q3 contracts being sold off aggressively.
Panamaxes never really got into gear, with activity light and rates easier. Though with Pacific business starting to flatten out and capesizes under pressure some resistance started to form along the curve.
Flat and rangebound as a result with little deviation in rates and much of the activity in the morning sessions. June and Q3 tested support and further out we saw the deferred attract a little more support with buyers eager to achieve last done.
A lot of sore heads as the week ended and a slow day for the Panamax market. Prompt periods continued to drift lower on small volume while further out we continue to hold a tight but stable range.
Supramaxes saw rates gradually decreasing on the nearby and the deferred with the market quiet and not much changed. That turned into dull and inactive, with what a collective hangover hitting the market.
Rates remained little changed with a generally lacklustre performance and liquidity limited. A long weekend looms in the UK and it could not have come a day too soon.
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