If there’s one phrase that’s been passed around very frequently of late its ‘the futures have priced in the physical drop already.’ That appeared not to be the case again today as further pressure was applied down the curve from the outset. The paper is now indicating Dec is expected to settle well into the $8k territory which, although not unlikely, certainly paints a rather gloomy end to the year for the big ships.
We continued to come under pressure across the curve today on Panamax paper as a slow down in activity, some toppy talk and the bearish Cape market compounded the current turnaround as sellers chased it down. Dec and Q1 traded down to $11350 and $7300 respectively while further out Cal17 printed $7200 low.
Supramax paper softened again today as we searched for concrete bids down the curve. Prompt was first to be pushed down as FebMarch was sold $6425 and Jan traded a couple of times $7800. After a rather positive index $73 we lacked the momentum to push forward. Instead Cal 17 was sold $6800. Have a good evening.
Handysize paper remained relatively unchanged. Have a good evening.
Source: Freight Investor Services (FIS)Previous Next