Capesize freight rates rebounded due to more market activities with fresh shipping demand on key trading routes.
The Capesize 5 time charter average, then rose by $1,783 day-on-day to $33,639 on Thursday, supported by better physical market.
The Baltic Dry Index (BDI) also went up by 1.90% day-on-day, or 60 points to 3,214 readings, due to firmer freight rates.
Better shipping demands after typhoon
Pacific basin led the charge with healthy shipping demand and higher bids from miners as well as good number of fixtures done on the key west Australia to China route.
All three miners were heard to be active in the key west Australia to China route, which supported significant TCE premiums on the Pacific trips.
Moreover, there was some improvement in the Atlantic market with more demand seen from Brazil and South Africa, while ballaster tonnage list had been thinned by fresh shipping demand.
Bunker prices continue bullish run from firm crude market
The bunker prices maintained its bullish charge, as the price of VLSFO went up by $3/mt day-on-day to $551/mt in the port of Singapore.
The firm crude oil market continued to support higher bunker prices, as Brent crude prices topped over $75 per barrel on shrinking US crude inventory.
According to EIA, the U.S. crude oil inventories dropped by 7% below the five-year average, due to high oil consumption that outpaced US oil production.