Escalatory and retaliatory moves kept key trading routes and markets on edge as freight rates propped up this week, with the Baltic Exchange Dry Index reporting a whopping 7.4% overall increase, reports
Escalatory and retaliatory moves kept key trading routes and markets on edge as freight rates propped up this week, with the Baltic Exchange Dry Index reporting a whopping 7.4% overall increase, reports cash buyer GMS.
Capesize, Panamax, and Supramax indices all firmed in unison to the tune of 1.0%, 0.4%, and 0.5% respectively. As trading rates jumped, so did crude oil—albeit marginally—ending the week at USD 62.74/barrel (vs. USD 62.14/barrel at the start of the week).
“Mixed in with the craziness of tariffs is the growing and murky collection of sanctioned units that continue to trickle into the markets along with legitimate ones,” says GMS. “This week also delivered an early Christmas surprise as tonnage that had been missing from the bidding tables for weeks on end somehow managed to find its way onto Indian sub-continent recycling beaches—marginally in Bangladesh and en masse into India, with over 155K Tons LDT and a few behemoth LNGs arriving at both waterfronts. Certainly an “ice-cube down the back” kind of flashback moment to the glorious days of loaded recycling beaches.”
Hong Kong Convention approvals remain the bright spot in Bangladesh as 18 ship recycling yards are now fully accredited to global standards, says
Content Original Link:
" target="_blank">
