Capesizes opened a touch firmer with October trading up, before quickly retracing as the rest of the curve slipped. But by midweek activity had perked up with rates rising along the curve on stronger Asian buying.
Physical saw some improved Atlantic rates but although the Pacific was marginally better, rates here did not rise as much – though overall sentiment is better. Physical still needs to kick on to justify the carry in the paper market but Capes’ ability to gap around viciously can’t be underestimated.
Closing the week on a bullish note Capes pushed right up to index before a selloff left us down on the day. Physical is still clearly in bullish mood with bids being talked up though Atlantic needs to keep pushing.
Panamax began the week with gains and added some more on Oct and Q4 despite wobbling indices - thanks to some improved Pacific business and a more upbeat Transatlantic F/H market. With Capes rallying and some improved US Gulf activity, buyers chased October and Q4 before pulling back, with optimism alone seemingly enough to keep us near the highs.
More enquiry in both basins and some positive positional sentiment continued to drive momentum on Panamax paper, breaking through nearby resistance at week’s end. More marginal gains further out but drifting off the highs towards the close.
Supramax paper followed the early tone set by the larger sizes, witnessing a push after a relatively quiet start with action all the way down the curve. Prompt was seen trading at better levels with similar at the back end.
Still supported as the week came to a close, despite there being no real positive change from the physical market. October continued to trade up despite the index coming off, with the curve well supported on the bid side.
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