Capesize market came under pressure again amid bearish market sentiment for June. Thus, the Capesize 5 time charter average went below $4,000 level again, after a drop of $334 to $3,786 on Wednesday. The volatile bunker market did not help to support the freight rates and thus the Baltic Dry Index went downhill by 0.79% …
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Capesize June 20 Morning Technical Comment – 240 Min
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Slow start to Capesize after long weekend
Capesize market made a slow start after a long weekend break, with sluggish shipping demand in physical and paper markets. Thus, the Capesize 5 time charter average dipped slightly by $20 to $4,120 on spot rates, almost a flat index that failed to inspire the paper market. The almost unchanged index may reflect market concerns …
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Capesize bull run takes a breather
Capesize market slowed after the recent rally in shipping rates, as trade sources seek for clearer market direction ahead. As such, the Capesize 5 time charter average slid slightly by $56 to $4,140 on Friday, as the market approached the long weekend. There was a prompt selloff of June contracts earlier in trading session, before …
Capesize rates drive higher by iron ore prices
Capesize market moved up to higher on higher iron ore prices and robust shipping demand. Due to the stronger physical market, the Capesize 5 time charter average rose by $245 to $4,196 on Thursday. The strong freight market had reflected a surge in iron ore prices which had hovered above the $90/mt for almost two …
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Capesize June 20 Morning Technical Comment – 240 Min
China Abandons Hard Growth Target, Shifts Stimulus Focus to Jobs
The Chinese government abandoned its decades-long practice of setting an annual target for economic growth amid the storm of uncertainty unleashed by the coronavirus pandemic, and said it would continue to increase stimulus. Speaking at the National People’s Congress in Beijing on Friday morning, Premier Li Keqiang delivered an annual policy address that instead laid …
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Capesize June 20 Morning Technical Comment – 240 Min
Robust Pacific drives Capesize rates higher
Capesize market continued the good run, thanks to the robust Pacific market with better freight rates. Reflecting the better physical market, the Capesize 5 time charter average increased by $489 to $3,951 on Wednesday. With Capesize market as the driving force, the Baltic Dry Index spiked again and gained over 5.30% on-day to 477 readings …
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What to Watch as China Unveils Stimulus in Policy Meeting
China’s top leaders should reveal on Friday how much they’re planning to spend on stimulus to support the post-virus economy, when they belatedly announce their economic policy blueprint for the rest of 2020. The centerpiece event will be the work report delivered by Premier Li Keqiang, which typically contains the economic growth and spending targets, …
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