Coal news and updates

Lack of fresh business in the pacific left capesize rates moving

Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the July debut in the Dry Bulk market, with the BDI closing off softer on Friday and the Capesize segment, the main driver behind the strength the market displayed in the past weeks, losing ground.

Is the mini-rally of late stalling before the market moves another leg up or are we most probably going to see current levels at least until the end of the summer season? Intermodal answered that, the fact that period enquiry has stalled further this past week is one of the signs pointing towards a more bearish view for the coming weeks, while in terms of macro developments, the fact that the Chinese stock market has been plummeting is definitely a big red flag with regards to the small degree of confidence investors are currently viewing the intervention of the local government with.

Lack of fresh business in the Pacific left Capesize rates moving sideways in the region with period business being limited, while things in the Atlantic were slightly better, with owners failing to support higher ideas nonetheless.

Commenting on Panamax, the Greece based broker says, the Panamax segment outperformed by a lot the rest of the market, mostly due to fresh business that kept emerging from East Coast South America and the U.S. Gulf, while period enquiry was particularly stronger for the segment last week. At the same time, out of the Pacific, the market was steadier, with rates trending sideways for the bigger part of the week.

The Atlantic Handysize/ Handymax/ Supramax market improved with better numbers being offered up until now on the back of stronger enquiry in the USG, while at the same time the Continent was stable/positive, commented on smaller size ships.

source: http://www.coalspot.com