Dry bulk FFA market: A short and boring week

With no sign of an upturn anytime soon and with little else to do, the market appears to be contenting itself by second guessing dips and spikes.

The capesize market looked more active at the start of the week with pockets of volatility which were more due to traders short covering than a shift of direction. With the physical as flat as a pancake and plenty of tonnage still available it looks like we are in for a long hard Q2. Some small gains were seen as the week ended on rumours of better physical but the indices disappointed many and rates retraced towards the close.

Panamaxes felt more optimistic, with a better than expected early week index on signs of improved activity East Coast South America. April climbed back to support and Q3 while the deferred periods remained static with little deviation from established levels.

Fronthaul business continued to underpin optimism which coupled with some short covering led to another small improvement in rates across the curve with some good volume changing hands.

Supramaxes were softer with activity hardly setting records and the main action at the back end of the curve. More up and down as the week ended with parts of the curve a little stronger and others weaker. May plus June were better paid and the quarters also saw stronger bids but some weaker numbers in the back end.