A summer double whammy book-ended the week in freight, with half the industry packing their swimming trunks – sorry, laptop – for the biennial Posidonia party-fest and the eastern half preparing to go on holiday.
For all the talk of paradigm shifts and new business models in Athens, there was little new to inspire the market, especially when the people who really control the market were already feeling the cabin fever.
The start of the week reflected that to a tee, but as it drew on, the hangovers grew and the holidays approached it appeared there was business to be done whichever direction one was flying.
By midweek capesizes were busy with plenty of volatility – the Pacific led the way forward with the C5 fixing up from $4.50 steadily up to $5.10 for prompt lay days with TC fixtures being concluded on good ships at $9,000. Despite the Atlantic looking mixed, the paper traded up higher with June, July, Q3, Q4 and Cal 17 all rising.
The buying enthusiasm continued on Thursday driven by more talk of better fixtures in both basins. Although there was a pull back from the stronger buyers following the modest gains made on the indices, the day finished well bid on Q3 and beyond
A similar uptick in enquiry in both basins ahead of Far Eastern holidays continued to bring with it some improved rates and activity on panamax paper. As a result we saw Q3 and Q4 trading up but with little action further out.
Source: Freight Investor Services (FIS)Previous Next