Dry Bulk FFA: The Sky is Clear for Capes
The bullish sentiment on capes gathered momentum yesterday with paper leading the charge for the early part of the day. The modest gains on the index were a touch better than the general feeling it would be flat and, after a pause, rates pushed on in the afternoon session as rumours circulated of C3 fixing 19.50 & 19.65 although no details emerged as the day drew to a close.
It was a relatively choppy day on Panamax paper with another disappointing index in contrast to the positive sentiment of the underlying fuelling the intraday volatility. However, by the close of play we finished up on the day with a flurry of buying seeing July and Q3 trading up to $12600 and $12750 respectively. We closed with buyers looking to repeat last.
Supramax paper opened the day on a slightly stronger note than were we closed last night as June was trading $11450, Q3 $12350 and Q4 was seen trading $12800 throughout the day. After index we started to see some slightly softer numbers with July being sold $12100 and Q3 $12250.
Quiet day on handy paper with no reported trading.
Source: Freight Investor Services (FIS)