Baltic Dry Index (BDI) continued to strengthen this week due to lower bunker prices and higher forward freight agreement (FFA).
Baltic Dry Index (BDI) formed a new norm of staying above 1,000 points and even extended its gains toward the 1,100 mark this week.
With a single tweet from President Trump, the flames of the US and China trade war had rekindled and rattled the global economy.
An increasing number of capesize newbuilding deliveries is posing a serious threat to the already fragile market balance, even as demolition rates have increased, according to a latest analysis by Bimco.
Market sentiment for Capesize rates saw an improvement after Vale’s announcement to restart Brucutu mine, bringing back around 30 million mt per year of iron ore to the market.
Capesize freight rates saw a general lack of physical activities in both the Asia Pacific and Atlantic market this week, with market concerns over cyclones brewing off the Australian coast.
Capesize rates have continued to be depressed by lack of physical activities this week. However, the paper market for capesize index managed to turn positive for the first time on Monday since late February 2019.
It was the usual time of the year again, when the market takes a break for the Lunar New Year celebration for the week, but it was also rocked by the unfolding events from Vale’s dam collapse incident, which could greatly impact on seaborne iron ore supply.
A capesize bulker has been successfully refloated after grounding in near Virginia Beach on Thursday.