Showing 121 - 130 of 200
The reshaping of global crude tanker markets continued in 2023. In 2022, sanctions shifted Russia’s exports from Europe to Asia while OPEC production cuts in 2023 increased the Americas’ share of exports. Brazil’s oil production increased by 12% year-on-year in 2023 while crude tanker exports rose 19%.
Capesize: The week started positively for the capes, especially in the Pacific, where rates saw a slight increase.
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing institutions and private practice lawyers from Asia, Europe and the US began work this week to develop a standard letter of quiet enjoyment (LQE) for use in long term charter and leasing structure financings.
Capesize: The week started with the usual slow pace on Monday, but it quickly picked up momentum.
Capesize: The Capesize market is in need of a large cargo injection to rally rates in the run-up to the end of the year. Activity levels showed small pockets of strength, yet fixing values have continued to decline throughout the week.
Capesize: The Capesize sector spent the week trundling along the market floor as the last few day’s brief revival of rates was quickly wiped out, returning the 5TC back to $5-6k OPEX levels. On a more positive note, the Atlantic basin has begun to see a little more fixture activity with both Transatlantic and Fronthaul from Eastern Canada trades being heard.
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.
Due to supply concerns at domestic power plants, Indonesian authorities banned coal exports during January 2022, removing around 30% of global coal volumes from the bulk market as a result. This caused Newcastle coal futures to increase by more than a third and added strain on coal inventories across Asia. The ban was lifted in February.
As agricultural dry bulk commodities exports took a dive in the first quarter of this year and painted a gloomy picture for Panamax and Handymax freight rates, a stunning second quarter comeback have nearly tripled freight rates.
Supramax: A week of falls across most routes led to the BSI closing at 3,348, a drop of 122 week-on-week. With Hurricane IDA the US Gulf lost momentum as cargo supply eased, whilst from South America fresh enquiry was limited. 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.
