Dry cargo market report dated 11 August 2023
14 August 2023Capesize: The week started with the usual slow pace on Monday, but it quickly picked up momentum.
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Capesize: The week started with the usual slow pace on Monday, but it quickly picked up momentum.
In the past three months, time charter rates have hovered around the same levels, providing owners with a steady market despite the downward shift in spot freight rates. Summer demand should determine the next turning point, with initial indicators suggesting weaker East/West volumes, but stronger North/South trade. Moreover, increased flows on the Middle East and intra-Asia trades should drive rates for small containerships higher, as idle capacity is now removed and orderbook in this segment is low.
Capesize: Overall it has been an active week for the capes, with a healthy volume of enquiry in the Pacific.
Capesize: The Capesize market declined early in the week without much support from either of the basins.
Capesize: The Capesize market continued to soften this week leaving little ambiguity about the state of the market as the 5TC posted at a low of $6,267 on Friday. While the Pacific rates have already been bottoming out in recent times, the Atlantic trade routes were the movers this week shedding value as hopes of a trend-bucking rally diminish.
Gulf of Guinea crude oil exports have year-to-date contributed 13.7% of VLCC’s tonne miles demand and 16.5% of Suezmaxes. A 13.5% y/y drop in Nigerian year-to-date crude oil output has been the main drain on demand and caused a 5.9% decline in tonne miles. A further decline in Gulf of Guinea exports can be expected from mid-2023 when Nigeria’s Dangote refinery begins operation – requiring a sizeable portion of the country’s crude oil – and possibly add to rate volatility.
Panamax: A strong week for the Panamax market, principally for the Atlantic basin, with a good replenishment of mineral cargoes seen all week versus a limited tonnage list. The weekly dry bulk market report contains a summary of the recent movements in the market, alongside the latest figures for average dry bulk earnings and Baltic Dry Indices.
BIMCO has published SHIPLEASE, a new standard term sheet for sale and leaseback transactions which will be presented at a series of free seminars in the coming months. We will start with two online seminars and, as soon as the situation allows, live networking seminars will be planned in Asia, Europe and USA.