Dry Bulk FFA: Capesize in Sell-Off Mode
Capesize FFA Commentary:
The speed of the cape sell off increased its pace significantly today. More resillient parts of the curve came under pressure for the first time in a while as traders started to hunt premium rather than sell into the already heavily discounted front. Some support was found as the afternoon progressed although rumours Tub/Qdao fixing sub 10.00 and C5 fixing 4.40 may well pave the way for further selling tomorrow.
Panamax FFA Commentary:
The sell off on Panamax paper gathered pace today as the technicals seemed to offer up a toppy view and brought into question the sustainability of current levels which prompted some profit taking and fresh shorts. Despite a better than expected index sellers continued to lean on the curve with lows on Feb and Mar at $7400 and $8050 respectively while Q2 lost $500 on the day to print $8100 low. Losses were not as severe further out with Cal18 selling off from $9000 down to $8800 where we begin to see fresh support.
Supramax FFA Commentary
Supramax paper suffered from a weaker feel today as rates slipped gradually throughout the day. Feb traded back down to $7000, March $7500 and Q2 $7650. Q4 was also pushed down trading $8200. After index of -$21 we saw a continued lack of weight on either side of the curve yet bids were slowly picked off. Have a good evening.
Handysize FFA Commentary
Handy paper continues to see good support across the curve as we witnessed Cal 18 reaching $6800. Have a good evening.
Source: Freight Investor Services (FIS)