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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.
BIMCO will host a one-hour webinar on 27 January at 10:00 CET to introduce the new standard term sheet for bilateral ship financing transactions, codenamed SHIPTERM.
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.
Capesize: The capesize market started the week on a sluggish note with the PPA conference in Perth creating a quieter atmosphere, leading to reduced trading volumes in the Pacific and a softening of rates.
Capesize: The first quarter of 2023 ended with a decline of $95 on the Capesize time charter average (5TC), pricing at $13,806 on the last day in March.
Capesize: The Capesize market was in a ‘one step forward, two steps back’ mode this week. The average of the 5 time charter routes eventually settled at $12,598, a decline of $775 week-on-week.
Capesize: The Capesize market had little cheer this week as rates subsided throughout the week, albeit on the back of reasonable fixing activity. The Capesize 5TC now stands at $9,305 - a decrease of 3502 week on week.
For the seventh month in a row total US crude oil exports excluding china hit a new all-time high reaching 7.9 million tonnes in September.
Capesize: It was turbulent seas this week as global markets buffeted the Capesize sector.
Capesize: The Capesize market has made the most of the short working week as rates have lifted strongly, with the 5TC now residing at $24,002 - up $6262 week on week.
