Weekly Report

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Jellyfish market

The market for sea otters is still bleak, and rents and freight rates are further low. The operating rate of blast furnaces in steel mills has declined this week. Since the mining accident in Brazil, the international iron ore prices have risen all the time, and the profit margin of steel mills is not large. The low inventory strategy is generally adopted, and the procurement pace is slowing down. The Vale has not been seen on the long-distance mine route, and the market transactions are extremely limited. The freight rate of the Tubarão-Qingdao route in Brazil continues to fall. On Thursday, the freight rate of the Tubarão-Qingdao route in Brazil was US$11.928/ton, down 5.1% from last Thursday. In the Pacific market, the freight rate of long-distance mine routes has not stopped falling. There are not many pallets in the Pacific market, and the freight rate continues to drop. The market has seen the phenomenon that Capesize vessels are robbing Panamanian vessels. On the 7th, the market reported 170,000 DWT ships, and the ships were delivered on March 11-12, and the ships were re-shipped through Western Australia and Singapore-Japan. The daily rent was $3,500. The loading period is from March 24th to April 2nd, and the transaction price of the Western Australia to Qingdao route is USD 4.5/ton. On Thursday, the freight rate of the Australian Dampier-Qingdao route was US$4.648/ton, down 6.1% from last Thursday. The China-Japan/Pacific round-trip route TCT daily rent was US$3,321, down 30.6% from last Thursday and has fallen to The lowest level since March 2017.

Panamax market

Panamanian vessels in the Pacific market and grain routes rents, freight rates have risen steadily, and the weekend is showing signs of decline. In the Pacific market, some ports in East Kalimantan, Indonesia, have insufficient water levels, barges are not functioning properly, some consignors have declared force majeure, and the overall market activity has declined slightly from last week. However, in the first half of the week, Panamanian vessels in the Pacific market remained strong. Near the weekend, the pessimism of the Capesize market was affected, and the Capesize vessels began to compete for Panamax cargo pallets. The atmosphere of the Panamax market was weakened, and rents and freight rates began to loosen. On Thursday, the China-Japan/Pacific round-trip flight TTC daily rent was $8,295, up 12.9% from last Thursday; the South China's TNT daily rent from Indonesia to South Korea was $7017, up 17.0% from last Thursday; Indonesia Sama The freight rate of Linda to China's Guangzhou route was US$5.733/ton, up 8.2% from last Thursday. The grain route, the South American grain route has not been sold much this week, the market expectation is high, and the grain route rent and freight rate continue to rise. On Thursday, the grain freight rate from Brazil's Santos to the northern ports of China was US$28.873/ton, up 4.2% from last Thursday.

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                                                                                                                                                      Reported by Miss Vicky from Cargofee