Baltic Exchange Insights
This week marked further considerable decline in rates for the Capesize market. While the market was tempered at the beginning of the week with a slight uptick, this ray of hope for owners was...
The market trended down over this past week, breaking it out of its upward trending range.
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of timecharter appeared, with most activity seemingly centred on voyage basis.
The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed down $732 to settle at $37,921.
The market continued to firm all week, with the 5TC closing on Friday at $34,583, up $4,146 for the week.
A tale of two halves this week as the market tide turned mid-week bringing a raft of higher fixtures to both basins. Pockets of pressure in the market released to the upside from Wednesday onwards...
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates were seen to quickly rise.
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days.