The better mood was felt across the segments and though it is too early to call this an upturn, there is certainly the headroom for better rates.
Capesize pushed early in the week, on enthusiasm fuelled by talk of more Atlantic cargoes, though the impact on the indices was limited. Further glimmers of improved physical sentiment held off the sellers and rates ticked but stalled as real evidence proved hard to come by.
By week’s end though, there was something akin to a rally with November/December trading up and Cal 15 following. Buying enthusiasm was so strong along the curve that we saw the Cal 18 trading up too.Panamaxes saw trading in a steady range with little changes in levels initially but the curve felt good support. Flatter by mid-week in light volume and a tone that remains cautious with pockets of resistance forming.
With the physical market maintaining a positive tone in both basins there was enough confidence to break through resistance on November/December and Cal15 – but more of the same is required next week in order to maintain current premiums.
Supramaxes also saw some support at last week’s levels though activity was nothing to shout about. April, Q2 and Cal 17 saw more positivity, though the index looked to have slowed. The positivity continued with more support coming in on the bid side, leaving offers relatively thin. The first positive index (+$41) on Thursday for some time, saw May+June trade into a strong end to the week.
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