DRY BULK: WEAKER•TANKERS: FIRM•SHIP VALUES: WET: MIXED DRY: MIXED

摘要

1.1. A sudden counter-seasonal drop in the Capesize market has shaken sentiment1.2. Together, with weakening Panamax and geared vessel earnings, this has dragged the BDI down to levels last seen in May.1.3. Prices of flat steel (used in manufacturing) in China have weakened steadily and noticeably at the same time (in contrast to this point last year), so squeezing steel mill margins.1.4. The prospect of fresh import controls on coal entering China has also rattled market sentiment. Supra Indonesian round voyage rates have echoed last November's trend by falling by $4,000+/day in the past month.TANKER2.1. Large crude tanker earnings firmed in October, underpinned by higher Middle East cargo volumes and robust long-haul eastbound loadings of Atlantic crude, which tightened position lists. Strength was maintained through November, lifting VLCC earnings from the Caribs and the US Gulf to Asia to their highest levels since 2Q16.2.2. Rate direction was mixed in the clean sector. LR2 earnings dropped due to low enquiry levels, but LR1 earnings moved higher, supported by increased inter-Far East trading.2.3. Although MR rates in Europe and the US rose m-o-m, levels dropped East of Suez amid a relatively tight cargo base.