Knock knock! Who’s there? The rally monkey! Yes, the morning session saw another big push on prompt contracts which was fuelled by stronger fixtures in both basins but the reality seemed a little more sobering when the index moved up a relatively modest $525. Subsequently paper was sold off in the afternoon session which may also have been based on concerns the Singapore holidays next week may drag a touch. Sept is still pricing in above 10k for the balance of the month so it may not be over yet.
Panamax paper continued to come under pressure today with levels gradually easing off through the day, albeit on relatively light volume, as the flattening physical picture and various holidays fuels the bearish tone. We closed the week offered at with Oct and Q4 trading $6650. Good weekend to all.
A rather dull close to the week on Supramax paper with levels easing off a touch on prompts contracts. We saw support on Q4 tested at $7000 several times with little movement further out. Have a good weekend.
Quiet day on handy paper with no reported trading.
Source: FISPrevious Next
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