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Dry Bulk FFA: Volatility is All Around the Market

Another volatile day on the cape market with opening levels trading $10k Feb, $10600 March, $12k Q2, $15250 Q3 and $14100 feb-Dec. The morning session ended with lows of $9500 Feb, $10k March and $15000 Q3. Index was a little less negative than many expecting, still falling a chunk, down to $11595 (-928). Then with the Vale physical news the market ran into constant sellers and bids were getting sold down the curve all afternoon. The day ended with lows of Feb $8500, March $9200, Q2 $10750, Q3 13750 Feb-dec $13000. We also saw big volume on the back end with 20 trading down to $13200 and 21 down to $12000.

It was a volatile day on Panamax paper with a shaky start seeing the early support tested but holding, followed buy a midmorning rally only for it all to come tumbling down post index. By the close prompts had lost ave $600 from the days highs while further out Q34 and cal20 slumped ave $250 leaving us lower across the curve on the day. With sellers looking to repeat to the close the tone remains ominous.

We opened the day on a march more positive note as all sizes saw better bid support as rates increased. The prompt initially found support as $6900 was trading Smx Feb 10TC and March 10TC $8350-$8550 range. Q2 was trading in $9150-$9400 range and Q3 $9700-$9800. However after index weight from the sell side was visible again as March 10TC was sold $8300, Q310TC $9650 and Q410TC 10500.

Quiet day on the handysize paper. No reported trades.
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Source: Freight Investor Services

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