A recent and ongoing uptick in freight rates across many sectors (especially dry, as wet rates have been performing far admirably in comparison) has resumed depriving global ship recycling markets of tonnage
A recent and ongoing uptick in freight rates across many sectors (especially dry, as wet rates have been performing far admirably in comparison) has resumed depriving global ship recycling markets of tonnage over the last couple of weeks, reports cash buyer GMS.
“This has promptly manifested itself at the various sub-continent waterfronts this week in both India and even Pakistan that has now returned to an empty port position once again, resulting in a quieter time of late.”
Even the struggling Panamax sector saw a bounce in rates this week with owners of vintage 90s-built units seemingly managing to fix their vessels out yet again.
Whilst January saw a plethora of sales from the Panamax bulker and LNG sectors, but the inevitable slowdown over Chinese New Year holidays and the release of Trump’s tariffs both added to market volatility.
The tariffs still in the pipeline have pulled the barrel back closer to USD 70/barrel this week, as recent sanctions coupled with growing U.S. oil reserves could continue to see the barrel buoying around the early USD 70s in the near future.
Whilst global economies adjust around these unfolding market dynamics, key fundamentals continue to experience volatility given that local steel
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