Holidays in Geneva did little to curb sentiment today as the cape futures rose in early trading and continued to rise throughout the day. Buyers of the nearby contracts had an appetite not seen for a long while. The physical market played its part with the indices marked higher. The deferred contracts were largely unchanged and while it appears that the physical is taking a breather this afternoon, to say the music has stopped is somewhat premature. It could be an interesting end to the week tomorrow. Have a good evening.
With Capes up and some improved USG business doing the rounds we held onto yesterdays gains in early trading on Panamax paper with Q4 and Q1 continuing to trade $6900 and $4975 highs respectively. However with the index disappointing we softened in the afternoon session losing ave $150 on limited activity as holidays dampened the mood.
Source: Freight Investor Services (FIS)Previous Next