Freight market

摘要

Global CFI has edged down by only $0.02/t in early May. A slight decrease in the Far Eastern shipping fees ($0.15/t down) andthe Russian Azov Sea rates ($0.27/t down) has been almost completely offset by higher freight rates for 10-12,000 dwt mini-bulkers inthe Black Sea ports. The TCE for 3-7,000 dwt fleet has held largely steady, while the daily earnings for river-sea vessels of 3,000 dwcc havesagged by another $30-50/day. The 10-12,000 dwt vessels are now the only ships whose owners manage to earn within the OPEX levelor even slightly more. ISM Commodity Index has stabilized this week. The overall situation in the commodity markets looks unpromisingfor the shipowners so far. The trade is traditionally slack in the grain market despite a slight increase in export quotes for both wheat andmaize. The demand for steel scrap is weakening in Turkey. The market for finished and semi-finished steel products is also softening,as major buyers prefer to wait and see, expecting the export quotes for Chinese products to go down further and allow them to lowerthe purchase prices for semis bought in the Black and Baltic Seas. Only the demand for rebar is now rather strong in the steel segment.