In Dry Bulk Market,International Shipping News 11/11/2016
Capesize Commentary:
Initially the market traded lower as reports of lower fixtures for C5 hit the airwaves. However it soon became clear that the Atlantic was very tight and with some fresh cargo hitting the market this afternoon it wouldn’t be an exaggeration to say that the market exploded. New highs were reached down the curve and although some profit taking dragged the curve a little from the highs, it’s clear that the physical is solid as a rock in the short term.
Panamax Commentary:
With both basins continuing to gather positive momentum and coupled with the sharp rally on Capes we witnessed another surge upwards on Panamax paper. Nov and Dec traded up to highs of $7900 and $7700 respectively while Q1 traded up in volume from $5600- $5900. There was also good appetite for the cal17 contract trading $6525 highs. We closed well supported just off the days highs.
Supramax Commentary
Another morning in which we saw the Supramax paper push from the start. As physical reports suggest a very tight Atlantic rates ticked up. The Nov+Dec jumped up to trade in $7600-$7700 range and Q1 reached a new high of $5750. Index edged into positive territory $1 today but we did see a small amount of pressure in the afternoon but remained supported. Have a good evening.
Handysize Commentary
Relatively quiet and unchanged day for the handysize paper. No reported trades. Have a good evening.
Full Report
Source: Freight Investor Services (FIS)
