The Baltic Sea Exchange Dry Exchange Freight Index BADI rose for the seventh consecutive trading day on Monday, as the further warming of shipping activities pushed up demand for smaller boats.
The Baltic dry bulk index rose 0.6%, or 8 points, to 1,348.
“The freight rates for the Panamanian and Supersmart ships have risen slightly but have been at these levels for some time. The cost of the Capesize vessels has remained extremely low,†said Peter Norfolk, Head of FIS Research at Cargo Shipping Brokers.
"The physical market is active, but the continued increase in the fleet has played an unfavorable role."
The dry bulk shipping market calmly responded to fluctuations in the commodity market in the past week. Commodity markets rebounded on Monday, boosted by weak US dollar and strong US employment data.
The Baltic Panamax freight rate BPNI rose 1.81%, and the average daily profit rose to US$14,458.
The Baltic Sea freight rate BACI decreased by 0.57%, and the average daily profit fell to US$6,720.
“The oversupply of boats has caused the performance of the Capesize-type vessels to perform poorly, even though China’s steel production reached record highs in April,†said Cantor Fitzgerald.
The prospects for dry bulk freight rates are bleak, as the increase in the supply of ships has exceeded the transportation demand for bulk commodities.
The Baltic dry bulk index rose 0.6%, or 8 points, to 1,348.
“The freight rates for the Panamanian and Supersmart ships have risen slightly but have been at these levels for some time. The cost of the Capesize vessels has remained extremely low,†said Peter Norfolk, Head of FIS Research at Cargo Shipping Brokers.
"The physical market is active, but the continued increase in the fleet has played an unfavorable role."
The dry bulk shipping market calmly responded to fluctuations in the commodity market in the past week. Commodity markets rebounded on Monday, boosted by weak US dollar and strong US employment data.
The Baltic Panamax freight rate BPNI rose 1.81%, and the average daily profit rose to US$14,458.
The Baltic Sea freight rate BACI decreased by 0.57%, and the average daily profit fell to US$6,720.
“The oversupply of boats has caused the performance of the Capesize-type vessels to perform poorly, even though China’s steel production reached record highs in April,†said Cantor Fitzgerald.
The prospects for dry bulk freight rates are bleak, as the increase in the supply of ships has exceeded the transportation demand for bulk commodities.
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