Chinese holiday may be to blame for the lacklustre freight rates and limited activity the bulker market has seen over the past seven days.
Noah Parquette of Canaccord Genuity pointed out that Golden Week “may explain some of the recent market weakness” since the whole nation has the week off. While rates have been losing traction in many corners of the spot market the Manhattan-based forecaster noted there have been some encouraging developments as well. “There were some positive trends in the panamax segment as the Baltic Panamax Index enjoyed a 10% increase,” he said in reference to an uptick attributed to the US grain harvest.
India will likely import more thermal coal in the coming months than previously expected due to dwindling stockpiles.
Currently 35% of coal-powered plants are operating with less than four days of inventory on hand.
Rates for panamaxes trading in the spot market continued to rise while capes and supramaxes saw levels slide, according to the Baltic Exchang
Dry Bulk Shipping News - Shipbroker Notes