Ton Mile Trader

Baltic Indices
BDI  3757 up 23
BCI  7241 up 25
BPI  2904 up 67
BSI  1701 down 14
BHSI 754 down 4

Dag Kilen points to good news: “Japan's crude steel output will mark its biggest quarter-to-quarter jump on record in the July-September quarter, helped by public spending and a rundown in stocks, according to a report published yesterday from Japan’s Ministry of Economy and International Trade. The long term outlook is though said to remain cloudy. Crude steel output in July-September is expected to rise 14.3% from the preceding three months to 21.77 million tonnes. That would be down 28.5% from a year earlier. Demand for steel from Japanese industry at 17.57 million tonnes, up 10.2% from April-June but down 20.4% from a year earlier. Car production is expected to jump by 20% q/q, while government public spending is expected to prop up demand from the construction and engineering industry.”


FFAs - prices have moved up from their daily lows to get back to even. Light volumes.

Cape Q3: $56,500 – unchanged
Panamax Q3: $21,000 – unchanged

Glenn Lodden on port congestion: “With congestion in Australia continuing to rise, the overall market is perceived as tight. If we do in fact see activity picking up, this is likely to give some lift to rates. If not, vessels being made available from discharging in China could take rate ideas lower.”