Baltic Exchange Insights
Over the past week the Capesize market has broken out of its recent range bound zone to the downside. It has now dropped below the $20,000 level on 5TC, which hasn't been seen since early July....
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.
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days.
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment.
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow.