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.

The freight market seems rosy this week with the Baltic Dry Index (BDI) surging toward a multi-year high.

After experiencing a good run last week, the Capesize market stumbled at the opening of the week but subsequently recovered some of the lost ground by mid-week.

Freight market is showing much lethargy this week, which is similar to the week before as the shipping activities slowed down in June.

Under the shadow of a likely trade war between US and China, the freight market showed lethargy with little activities and weaker derivatives.

As the World Cup tournament was about to kick off at Luzhniki Stadium, Russia, the freight market seemed to be caught on with the ball watching and boasted little activity since the start of the week.

The Capesize market was hard hit after force majeure was being declared in Guinea this week. The declaration had increased the supply of vessels across the Asia-Pacific and Atlantic basins, thus bringing down Capesize freight rates in the process.

The Capesize rate has breached over the $20,000 level on Wednesday, supported by the bullish steel demand in China. Initially, the rally in Capesize rates started early in the week, making the biggest gains for front months on Tuesday, 8 May 2018.

The freight market has returned to pre-Labour Day holiday level by the end of the week, thanks to robust steel demand.

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...