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.
Capesize market remained quiet throughout the week with thin activities from the Asia-Pacific and Atlantic regions.
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.
It was a quiet week for the freight market which neither the Singapore F1 race nor typhoon Mangkhut hitting Hong Kong and Souch China failed to make any impact.
The Capesize market saw a correction this week and prompted the Baltic Dry Index (BDI) to fall below 1,500 points.
The Baltic Dry Index (BDI) was off to a good start this week as the index pushed toward the 1,740 readings, thanks to the positive market sentiments from the higher freight derivative markets.
The Baltic Dry Index (BDI) started last week on a firmer footing despite the trade tensions between US, China and Turkey that waned investors’ confidence.