futures market report

 

MBIOI-62%       94.38     API2: 50.30         Crude: 64.59            Rotterdam 380:    292.00       Singapore 380:   357.25


In short...

Cape

A very weak cape index did not dampen the bullish cape market on the deferred periods, Q3 traded up to $16,000 and the Cal 21 closed the day supported at $12,400. With the gap widening between the spot and the futures the question is what will change first, the physical or the paper.

Atlantic futures plus                  Front Haul futures plus                     Pacific futures plus


Panamax

Another day of curve erosion with the market yielding to further pressure from the physical (index -574): Feb trades to $6,500; FM to $7,600; Q2 to $10,100 and Q234 to $10,250. The Cal 20 Panamax traded $9,400. The curve remains robust on the more deferred contracts albeit with the premiums looking more and more stretched as a spread against the underlying market.

Atlantic futures plus                  Front Haul futures plus                     Pacific futures plus


Supramax/ Handy

Another down trending day on Smx with Feb trading from $7000 down to $6800 (-$250). Mar traded from $8700 to $8500 (-$75), while Q2 ranged $9425 (-$129) to $9500. Cal 20 inched down to $9200 print level (-$46). At this rate of change, the Smx sector average might soon outperform the P5TC sector.

Atlantic futures plus                  Front Haul futures plus                     Pacific futures plus


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