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Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL

COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger part of the week, said intermodal in its week report. A mirror performance of the week prior was witnessed, with the Capesize segment remaining the weakest link across the board and the smaller size segments outperforming the rest of the market.

According to broker, the mini cycle witnessed during the last month, which saw the market moving decisively up only to shed its gains in a few weeks has added to the feeling of uncertainty across market players and although this week has kicked off on a substantially better note, it is still too early to see whether the market can find a stable foot.

Intermodal says, although Friday offered some signs of improvement for the big bulkers, Capes witnessed very soft enquiry across both basins for the biggest part of the week, while fixing ex-Brazil remained soft. The average rate for the segment shed more than 10%, while the period market took another hit. There has been some talk of interest for more forward October dates, but we haven't yet seen this materialize.

The broker noted on Panamax, the Panamaxes were also on the defensive, struggling to keep any further decreases to be made as the Pacific market shows lack of demand, causing increased downward pressure, while the Atlantic basin was not seeing enough movement to counter the overall negative trend.

Rates for Supras and Handies remain shielded from the overall downward market trend, noting modest gains for a second week in a row, on the back of strong positional enquiry in the Atlantic and despite an overall much quieter Pacific basin.



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