Dry Bulk FFA: Capesize Market Sluggish
A sluggish day for the big ships with the index again slow in its move down. The nearby contracts were very range bound and volumes were slight. The back end of the curve (cal 19/20) saw some more action with some good volume changing hands at 18600 while the more deferred 21/22 also saw some buying interest but sellers were not keen to chase this down.
We opened supported at last nights closing highs on Panamax paper but eventually gave way to some pressure post index. With the physical seemingly taking more of a breather rather than a proper turn around selling was cautious. By the close we were flat on where we the week started with June retracing to $11500 support and Q3 and Q4 trading back down to $12500-12600 and $13500-13600 support.
Supramax paper continued the with positive trend set yesterday as we opened the day on a slightly stronger note with Q3 trading $12400 and the Q4 $12900. Index continues to tick along 10 TC $87 and 6TC $40, however the bid support soon came under pressure as Q3 was sold down to $12250.
Quiet day on handy paper with no reported trading.
Source: Freight Investor Services (FIS)