Another negative day for the larger units as the physical continues its downward momentum. Some cargoes breaking INL are paying better returns but the overall market is under pressure and this was once again reflected in the paper market with the front end of the curve again marked lower. The Q34 contract continues to be very resilient with offers being few and far between suggesting that this prompt weakness will hopefully be short lived.
Panamax FFA Commentary:
It was another choppy day on Panamax paper as uncertainty still looms over the current physical outlook. Early interest saw sellers forcing the curve lower with Feb and March sold off to $10600 and $12100 lows respectively dragging down Q234 to $11900 low. Post index however buyers remerged and having to chase a thin offers side which saw Feb push back up to $10950 and March trading in good size from $12250-12500 while Q234 traded $12100. As a result we closed up on the day but with a few late offers providing some resistance at the days highs.
Supramax FFA Commentary:
Supramax paper saw some resistance from the pressure that was witnessed yesterday as rates gradually creeped back up. Feb opened the day continuing to trade at the $10,000 level and the Cal 19 traded several times $10500. Index remained in positive territory again and with the afternoon push on larger sizes, offers were few and far between as the bid side of the curve nudged up.
Handysize FFA Commentary:
Quiet day on the handysize paper with very little to report. No reported trades. Have a good evening.