Dry Bulk FFA: Capesize Market Could Have Turned a Corner
An active day for the larger ladies as news of a train derailment in the hunter valley added to the already gloomy news. Rates generally trended down in the morning session before the index came out positive on the 5tc and this then led to a change in sentiment. Certainly it was nice to describe offers as being paid rather than bids sold and hopefully this is a sign of better times being round the corner.
Another active day on panamax as sellers appeared from the open. Any sharp bids were picked off and we gradually plunged across the curve throughout the morning session. The index turned negative again yesterday so did little to inspire the buyers in the afternoon and feb traded down to $5700 and march at $7700. Some light support was found into the close but this could be tested today.
Supramax paper came under a little pressure on the prompt after the recent bid support seen. Marc 10TC sold was trading $8350-$8200 range and the Q2 10TC $9700-9550. However the Q3 and Q4 remained stable as there is some caution in selling in to the support. Index was pretty much as expected -$74 today as the afternoon drifted to a close.
Handysize paper was subject to a very quiet day with little change.
Source: Freight Investor Services