The freight market went relatively quiet for the week, ahead of the upcoming May holiday in China. There were no last-ditch fixtures seen just before holidays period and the strong Capesize rates might be the only deterrent for the Baltic Dry Index to slide under the 1,300 level and allowed the index to stabilise at a respectable level of 1,375 reading on Thursday, 26 April 2018.
Reflecting the sluggish commodities trading conditions in the first quarter, the terminals managed by Qinhuangdao Port saw flat to slightly negative growth in almost all segments except container throughput.
Tariffs, or rather the prospect of trade disruptions because of them, are “rocking the boat” in a big way.
The future is in end-to-end management of dry bulk cargoes, especially coal, and Indonesian company Asian Bulk Logistics (ABL) is positioning itself to be ahead of the curve in terms of meeting the requirements of clients as a potential cabotage ruling on certain bulk cargoes from Indonesia looms.
Union of Greek Shipowners (UGS) president, Theodoros Veniamis has accused US president Donald Trump of launching a “trade war” and called on the European Union to better support shipping “at the political level”.
Tonnage oversupply has dampened the overall freight market outlook this week, especially in the case of the oversupplied capesize market.
In the middle of the United States, the geographical center of support for Donald Trump, each boatload of steel imported is akin to a reinforcing bar driven through the heart.
This week saw the capesize paper market traded near to the floor, even before the announcement of raising US tariffs for all steel imports by 25%. Starting from Monday, capesize rates plunged due the lop side supply-demand situations, with more ship supply at the moment.