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Last updateΤρι, 11 Φεβ 2025 6am

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Weekly Drycargo Shipping Technical Analysis - Weekly closing/fixing 1027

capesize1

Capesizes: Steady (although small) improvement with major Australian Chrrs fixing tonnages on W.Aussie/China route. TA rounds and fronthaul cargoes are almost stuck.(Iron ore commodity price slipped today below $100/tonne in the spot market, forcing exporters to rethink their strategies. Now, exporters from Goa are unlikely to rush to bid in e-auctions of the commodity, as it wouldn't be profitable for them to export at current prices. In connection that there is a huge steel production surplus in China, make us to be quite skeptical for Capers' performance at distant future)

.Additionally, South Korea's Giant Hanjin Shipping sank deeper into the red with a net loss of KRW224.5bn ($218.78m) in the quarter ended 31 March 2014, widening from a deficit of KRW34.7bn a year ago. (Dont trust those Korean Pals. Just remember what happened with Stx Panocean a couple of years ago, and earlier with Korea Line). Panamaxes and Supras following Capers' trend with Pacific always better than Atlantic. (For TA rounds Owners have been holding back to fix the recent poor returns, and Chrrs had to pay improved rates to cover their requirements).

Technically, we had first buying signal, (in our system), on Daily chart 3 weeks ago and we got a 2nd one on Wednesday. Nothing yet on Weekly chart but, many buying signals on Daily basis, create a big one in Weekly chart (very important), so those signals are welcomed. Price is still inside consolidation barriers (930-1100/the horizontal lines), but gradually momentum is picking up.

Nothing further special to report and ofc we dont want to see Index returning to 930, although this level is becoming a very good support, and together with the major one 900 are establishing a solid base region for near term improvement. No doubt same is considered (at least for time being), a corrrective one, for medium term. In the mtime, we were once more astonished to note two large newbuilding orders, totalling 44 Ultramax BC vessels from just 2 shipping cos in Chinese shipyards. Reckless actions beyond any reasonable doubt. It seems that oxymoron leads the markets.

PS: (Regarding the continuous newbuilding orders). Foreign friends pls ignore the PS.

 

Stelios Lazaris, md Maritime Investments A.G. Zurich

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