Freight Up! Fuel oil, iron ore, steel and other commodity insights from Freight Investor Services
Dry Freight Drama, Iron Ore volatility and Crude Oil Cash Rise
Mar 27, 2024
The podcast delves into the dramatic movements in dry freight markets, significant rally in crude oil, and iron ore market volatility. They discuss US durable goods orders, Russian oil shipments to North Korea, and the Baltimore bridge collapse implications. Experts share insights on freight market fluctuations, iron ore directionless sentiment, and Brent future hitting recent highs. Analysis on the crude oil surge, OPEC production cuts, and fuel oil softness are also covered.
17:26
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Quick takeaways
- Dry freight market saw fluctuations in rates for Cape and Panamax vessels, indicating poor cargo demand and tonnage growth.
- Iron ore market experienced volatility with no clear directional change expected in the short term, focusing on spread opportunities and supply dynamics.
Deep dives
Dry Freight Market Recap
The dry freight market experienced fluctuations, with the Baltic Dry Index falling after six weeks of gains due to poor cargo demand and tonnage growth for Cape and Panamax vessels. The Cape FFA market witnessed dramatic shifts in rates, ranging from highs of 35,600 to lows in the 27,000s, with subsequent rallies and declines. Panamax rates also saw fluctuations, with April starting at 20,650 and dropping to 18,000, followed by varying movements throughout the week.
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