Category archives: Freight

Oil market gripped by ‘rabid optimism’ for now at least

OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting.   Russia and several other OPEC+ nations favor extending the group’s current output curbs by one month.   The cuts …

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Capesize firms on better fundamentals

Capesize rates firmed up with improvements seen in both the Pacific and Atlantic basins on better shipping demand.   Higher bunker prices also lent support to the rising freight rates that pushed the Baltic Dry Index (BDI) higher to 546 points, up 5% day-on-day on Tuesday.   Good fundamentals in Pacific market   The Pacific …

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Iron ore “could continue to test new highs”

Iron ore futures rallied above $98 on Tuesday on better Chinese outlook and ongoing supply concerns from Brazil. Iron ore port inventories have fallen to a four-year low as China moved past the coronavirus pandemic, prompting Chinese steel mills to ramp up output, boosting demand for iron ore.   The latest Purchasing Manager’s Index for …

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Capesize rates hike up amid European holidays

Capesize rates gained slightly despite holidays across Europe that took off several players out of the market. Despite of thin trading, the Capesize 5 time charter average hiked by $279 to $3,648 on Monday, without any noticeable change in the physical market. In the meantime, the Baltic Dry Index (BDI) had gained steadily to 520 …

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