FIS API Blog
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 …
Continue reading “Steel on the march as Brazil supply, port stocks fall”
Capesize market seemed to turn around on better freight rates in key routes as cargoes volume returned. Thus, the Capesize 5 time charter average recorded at $2,394 on Friday, up by $402 day-on-day. Despite the rebound, Capesize rates were still almost in historical all time low, thus it may be too early to conclude that …
Continue reading “Capesize turns the corner with robust Pacific routes”
OPEC+ is responding to the oil market’s collapse with an urgency never seen before. The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million barrels of daily crude output – roughly 10% of global supplies, according to tanker-tracking data, interviews with physical crude traders and refiners, and assessments …
Continue reading “OPEC+ battles to cut, investors bet to buy”
Capesize market seemed to dive to a new low with each passing days, prompting trade participants to think if the market has bottomed or another V-shape recovery is around the corner. Gone are the heydays of the boom days when spot cape was trading high toward $200,000 per day in the 2008 and instead the …
China’s industrial output increased in April for the first time since the coronavirus outbreak, adding to early signs of a recovery that economists cautioned would be slow and challenging. Industrial output rose 3.9% from a year earlier, reversing a drop of 1.1% in March, data showed Friday. Fixed-asset investment decreased 10.3% in the first four …
Continue reading “China’s Industrial Economy Improves While Consumers Remain Wary”
Capesize freight rate reached another low due to bearish market sentiment in both the Pacific and Atlantic basins. The Capesize 5 time charter average dived down further toward the $2,000 level on Wednesday, at $2,082, down $811 on-day. The lengthy ballaster tonnage list remained hard for the market to digest, which prompt some shipowners to …
Continue reading “Another low for Capesize rates due to long ballaster list”
It was another ugly day for the Capesize market as rates continued to deteriorate from oversupply of vessels and low shipping demand. The Capesize 5 time charter average plunged further by $949 on-day to $2,893 on Tuesday, due to sell off on the paper market. With the massive sell off, the market sentiment has become …
