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.

Freight rate opened the week on weaker market fundamentals with concern over the China’s economic slowdown and the softening Panamax market. These left the Capesize market with little trading activities and saw a standoff as ship owners offering high, while the charterers bidding low.

China Merchants Energy Shipping (CMES) expects to record around RMB11.3-RMB12.5bn net profit in 2018, $1.84bn a huge increase of 84%-104% year-on-year.

China Navigation Co (CNCo) is acquiring the dry bulk shipping business of Hamburg Süd as the German company focuses on container shipping as part of Maersk.

What happens when a warm front, in the form of improving prospects in the drybulk and other corners of the maritime markets, clashes head on with a cold front, in the form of overall economic nervousness sprinkled with interest rate hikes, a China slowdown and trade flow jitters?

Eagle Bulk has exercised options on 15 scrubbers bringing its firm ordered tally of exhaust gas cleaning units to 34.

The Baltic Dry Index (BDI) appeared to be a tight rope walker this week on the verge of falling off from the 1,000 mark.

After a week-long National Day holiday, the return of the Chinese trade participants failed to rekindle the freight market.

Capesize freight rates rose higher this week, thanks to firmer bunker prices. However, as the week goes by, trade uncertainty started to creep into the market due to weaker freight derivative market.

Market sentiment for Capesize market was on the rise this week despite the widening gap between the physical and paper market.

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