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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.
Following COP 26, it was no surprise that most of the time spent on the deliberations at the 77th meeting of the IMO Marine Environment Protection Committee (MEPC 77) focused on GHG reductions from international shipping. Nevertheless, the committee still managed to make progress on ballast water management, marine plastic litter from shipping, black carbon in the Arctic and exhaust gas cleaning systems.
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