The physical market has stabilised and with the caltrans conference next week taking a number of players out of the market, the paper market was uncertain again today. Buyers came to the party and the curve lifted but volumes were lighter today than recent days. The front of the curve is pricing in a modest decrease in levels for the balance of the year while the Q1 and Cal 17 remain well bid. Next week we could well see further gains if fresh cargo was to hit the market.
We closed the week on a steady note with early support tested but ultimately holding on Panamax paper. Despite another good index buyers remained cautious leaving the carry relatively tight as Nov and Q4 continued to trade $7100 and $6750 highs. Good weekend to all.
Very active day on the Smx paper today with levels steadily improving despite today’s tc average a touch softer. Some market chatter suggests physical may be balancing and possibly improving in places. Firmness in Pmx has certainly helped matters as well.
The handysize paper did not see the positivity that was around the market today as we saw a static and relatively unchanged day. No reported trades.
Source: Freight Investor Services (FIS)Previous Next