Dry cargo spot rates edge up today, reversing a trend that has seen the Baltic Dry Index inch close to the psychological 1,000 point barrier.
But Diana Shipping announced a charter deal today that showed a slump in period rates for panamax compared to last month.
The spot market uptick today was driven by a boost in the capesise space as earnings pushed back after hitting the lowest level since April on Wednesday.
The climb was not huge, with capesize rates at only $8,458 per day, but it was enough to add 11 points to the BDI, which sat at 1,020 points on Thursday.
The fourth quarter has so far underperformed expectations, with Cleave Securities saying the market launch has been postponed, not cancelled.
“With unusual low fixture activity in September, an influx of tonnage into loading areas and concurrent infrastructure disruptions, the short-term headwinds have been significant,” said analyst Joakim Hannisdahl
“Looking further afield, we maintain our annual demand growth forecast of 3-4% in 2019 and 2020, but skewed away from the first half of 19 towards the second half due to potential trade war implications.”
Today’s upturn did offer some relief after what Pareto Securities described as a dreadful two weeks for dry bulk, at a time the global economy is slowing and China is looking more fragile.
Meanwhile, Greece;s Diana announced that it had signed a $10,650 per day deal with Hudson Shipping Lines to charter the 73,600-dwt pamanax Thetis (built 2004) for between 14 and 17 months starting Friday.
The deal is lower than the Baltic Exchange's weighted spot time charter average of $11,731 per day.
But its cheaper than the yearlong $15,500 per day charter the larger and younger 82,000-dwt Tai Knowledge (built 20177) got in late October.
