Dry Bulk FFA: Capesize Market Commentary
A quiet but solid day in the physical market as the c5 and c3 continued to move up. With reports of 9.85 done for the C5 and 24.75-25.25 for the C3, we saw the prompt FFA contracts in demand in the morning session. August and September traded up to highs of 26100/26200 while the Q4 and Cal 19 traded at 26000 and 19750 respectively. Ships able to make Aug 31 cancelling ex Brazil are commanding significant premiums while there is pressure for September stems which led to a few sellers coming in at the days highs for the futures. All in all, a positive start to the week.
It was a lethargic opening to the week on Panamax paper with little to no change seen across the curve as the few trades that did trickle through were concluded at last done levels. With the index flat (-1) many seemed happy to sit back and wait for some fresh impetus off the underlying making for a slow afternoons trading.
Supramax paper suffered a painfully quiet start to the week with very little to report. Interest down the curve remained thin throughout the day with only Q4 reported trading $12450. Hopefully tomorrow we can see some more interest and kick start the week. Have a good evening.
Quiet day on handy paper and no reported trading.