FIS API Blog
Capesize rates started the week on bullish note as bad weather, crew replacement and stricter quarantine measures affected the tonnage supply. The Capesize 5 time charter average hiked up by $755 day-on-day to $19,051 on Monday, as market participants expected freight rates recovery over short term. Due to the improvement in Capesize, the Baltic Dry …
Continue reading “Capesize rates rally over congestion in the Pacific”
*China Only Fulfilled 5% of Promised US Energy Purchases Under the terms of the China-US trade deal agreed last year China agreed to purchase some $25.3 billion worth of American oil products. Halfway through 2020 and they have only completed 5% of that target as the relationship between the two countries sours. China imported only …
*Asian Fuel Oil Market News It is expected that the strong sentiment in the physical is to continue for VLSFO with lower arbitrage cargoes coming into Singapore. Imports for August are estimated to be 1.5 – 2 million tonnes, down from 2 – 2.5 million tonnes in July. This is also being driven by lower …
Ouch Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you didn’t come last in the 38,000-person London Marathon, you came second last. That kind of incredible fall is the reason for the huge drops in demand for …
Continue reading “Ship Shape – FIS Commodity Weekly 31/07/20”
*Biggest US Crude Draw Since 2019 The EIA reported a 10.6 million bbl drop in crude stocks, however the total stocks were still 17% above the 5-year seasonal average. Crude oil: -10.6M Gasoline: +0.7M Distillates: +0.5M Refinery utilisation: 79.5% *BP Fined for Shetland Oil Spill BP has been fined £7,000 after spilling 95 tonnes of …
Capesize rates jumped on better physical market with both basins seemed significant gains despite an upcoming public holiday in Singapore. The Capesize 5 time charter average hiked up by $1,197 day-on-day to $17,721 on Wednesday, with Aug and Sep contracts traded on highs of $19,250 and $20,750 respectively. With improvement in Capesize, the Baltic Dry …
Continue reading “Capesize rates rebound on firm Pacific market”
