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Dry Bulk FFA: One Step Forward, Two Steps Back for the Capesize FFA Market

Capesize
The positive news of Vale hoping to restart Brucutu in 72 hours was partially offset by BHP confirming that they will ship 8 million tonnes less than forecast due to Cyclone Veronica. Following the push up of rates late Tuesday, we eased in Asian hours before finding some more support when Europe opened. Volumes were healthy with the curve from April through Cal 21 paid steadily throughout the day. The physical market is yet to show any significant gains and these need to come to fruition if the paper is to hold on to these inflated numbers.

Panamax Commentary
After Tuesday’s late night cape positivity we opened this morning on pmx with buyers supporting the curve but not aggressing. Sellers were hoping for higher levels so held back initially but then we found ourselves trading the same rangebound levels of the last couple of days. May printed upto $9700 before retreating back to $9400 in the afternoon and q3 was trading between $10200-10250. The further dated periods continue to gain support with cal20 trading $9250-9300 again.

Supramax Commentary
Supramax paper opened the day supported once again however still lacked and real conviction as the market stalled. Gradually a little more selling pressure came in as May was sold $9150-$8950 range and Q3 10TC 10100. Index was an uninspiring $78 as we drifted to a close with little afternoon activity.

Handysize Commentary
Another quiet day on the handysize with no trades to report.
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Source: Freight Investor Services

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