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Capesize: The Capesize market continues to struggle as demand for iron ore remains weak. Vessels in the Atlantic have had difficulties finding cargo, while those available have been fought over with prices diving as a result.
Capesize: This week, the tailwinds turned to headwinds for the Capesize market as a dip in values amongst bearish sentiment was evident for most regions.
Capesize: The Capesize market had the wind in its sails as rates jumped in all regions. The 5TC ended the week at $32,733, a rise of 8731 week on week.
Capesize: The Capesize market had a positive week overall with the BCI and 5TC route average at 2003 points and $16,609, closing at 2,136 and $17,713.
The Capesize market had a mild trading range this week hitting a high of $15,258 and a low of $13,414 to settle Friday at $13,560. While events in Europe have been disruptive, the trading activity was generally back to normal this week as most shipping routes are business as usual - albeit without the Black Sea trade routes.
Global oil demand has never been higher, despite recent revisions. Demand is driven by growth in Asia, the Middle East, Latin America and FSU, while requirements in North America and EU are contracting in 2011 as well as in 2012. The IEA has revised down its demand outlook by 0.2 million barrels per day (mb/d) for 2011 to reach 89.3 and by 0.4 mb/d for 2012 to reach 90.7. Growth outlook now stands at a modest 1.1% in 2011 and 1.6% in 2012.
Capesize: There was little support to be found for the Capesize market over the last week as dwindling rates and rising bunker prices slashed earnings for owners with the 5TC Weighted Average dropping to $7,390. 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.
Capesize: The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regathering, and then pushing on to $75,190 at weeks end. 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.
As the Chinese Lunar New Year draws to an end, the container lines have already prepared themselves for a strong rebound. In fact they must have been
Capesize: The Capesize market staged a dramatic turnabout at weeks end after seeing several days of value eroded off each route in the market. 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.
