Capesize freight rates extended its rally to record-high levels, with supports from tight tonnage supply and better shipping demand.
The Capesize 5 time charter average, then jumped by $5,773 day-on-day to $74,786 on Wednesday, despite some profit taking in the session.
The Baltic Dry Index (BDI) then rose by $235, up 4.74% day-on-day, to $5,197, as the index continued to strive for record high levels.
Firmer freight rates on persisted tight tonnage
Freight rates continued to strengthen on limited tonnage supply and fresh shipping demand, while there was some easing among the port congestion in China.
The Pacific enjoyed health cargo list, while cargoes were fixed at higher levels, with fresh enquiries from South Korea seeking for coal shipment from eastern Australia.
Meanwhile, higher freight rates were concluded in the Atlantic market as well, with Vale heard to fix several vessels for second half of October, amid thin ballasters list.
Bunker prices dip on slower consumption
The bunker prices dropped on the volatile crude market, as the price of VLSFO dipped by $7.50/mt to $569/mt in the port of Singapore.
The decline followed the oil price fluctuations as US crude inventory rose, indicating slower oil demand recently amid the supply crunch.
As the American Petroleum Institute, the US crude stocks rose by 4.1 million barrels for the week ended Sep 24, against the inventory draws that market participants experienced recently.