Category archives: Freight

Dalian Corn Futures Drop to Lowest Level Since March

Corn futures in Dalian fell to the lowest intraday level in almost two months amid speculation over the possibility of more import quotas and as the market awaits a delayed auction from state reserves. China is likely to utilize its entire low-tariff corn import quota of 7.2 million tons this year due to attractive import …

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Capesize extends positive run on better bunker prices

Capesize market continued its positive run with more fixings and stronger Pacific market that drove better freight rates. As such, the Capesize 5 time charter average rose by $481 to $2,875 on Monday, as some trade participants were heard to do “bottom picking” after another round of short covering. Driven by better Capesize rates, the …

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Shale production tumbles as VLCC armada heads east

Oil production from the top seven shale regions in the U.S. is set to tumble to levels not seen since 2018 as drillers scale back in response to the recent price collapse, the Energy Information Administration said. Crude output from seven major shale formations expected to fall by a record 197,000 barrels per day in …

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China Mulls Targeting Australian Wine, Dairy on Coronavirus Spat

Australian exports of wine, seafood, oatmeal, fruit and dairy are in danger of being targeted by China if Beijing decides to escalate a row over Canberra’s calls for an investigation into the origin of Covid-19, according to people familiar with the matter Chinese officials have compiled a list of potential goods that it could target …

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Commodities Bounce Back on Chinese Stimulus Anticipation and Vaccine Hopes

Freight prices jumped on Monday with front month Capesize futures up over 10% on anticipation of a large stimulus package out of China later this week. This created a knock-on effect into the smaller vessels with the Panamax front month futures up over 5%. Oil futures performed well with a USD 3.00 move higher, as …

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Steel on the march as Brazil supply, port stocks fall

Iron ore futures soared on Monday on supply-side concerns as major producer Brazil becomes a global hotspot for coronavirus. The country has now close to a quarter of a million cases, the four largest total case count, and a death of over 16,000. According to shipping activity models by Westpac, supply from Brazil has fallen …

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