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Take a look below at our Shipbrokers’ Weekly Market Reports for Week 34 of 2019:
12th August – 23rd August 2019 | Week 33-34
Being almost at the end of the summer period, has the dry bulk sector recovery shown us all its glitter so far? A tricky question, even trickier however may well be the answer. We witnessed the collapse of the market at the early part of the year, underlying emphatically the “hidden” risks involved, even when most other “known” indicators suggest holding a long position. Of course, the prolonged improving market fundamentals came forward and shook up a recovery in an even more emphatic way. However, seeing the downward correction at the latest part of the previous month, few would expect August to be closing in on a BDI average of around…..
Source: Allied ShipBroking
Week 34 | 23rd August 2019
Trouble in Caracas
In January 2019 the Trump administration announced tough sanctions against PDVSA, designed to halt US imports of Venezuelan crude. The US government also blocked access to its financial system for PDVSA transactions. Overall, sanctions have had the desired effect. Crude trade to US refineries came to a halt since February, down from approximately 0.5 million b/d in 2018. US also stopped exporting clean petroleum products (CPP) to Venezuela, most notably naphtha, used to dilute extra heavy grades to make synthetic crude for exports. Venezuela was largely unable to find a replacement for US clean products, with the volume of…..
WEEK 34 (16th August to 23rd August 2018)
NYK Line have sold their Post Panamax “Lily Fortune” 91/2000 Oshima, Japan (SS/DD 04/2020) to Chinese buyers at a price of USD 7 mill, while Malaysian Bulk Carriers sold M/V “Alam Permai” 87/2005 IHI, Japan (DD 11/2020) to Chinese buyers also at USD 10,8 mill. Remind you that the last known sale of a similar vessel was in June when M/V “Brilliant Century” 92/2002 Imabari Saijo, Japan was sold for USD 8,2 mill.
In addition, Nikko Kisen’s Kamsarmax “Bahia I” 82/2012 Tsuneishi Fukuyama, Japan (DD 11/2019) was sold to Far Eastern buyers at levels USD 19,8 mill. Please note that…..
Source: Advanced Shipping & Trading S.A.
WEEK 34 | Tuesday 27th August 2019
The upward trend in the dry bulk segment during the summer period is definitely bringing confidence back into the industry and optimism for a strong q4. However, it is interesting to examine how coal, which is one of the main commodities that is transported by sea, is performing and what are the forecasts concerning it.
In 2018, global coal consumption rose compared to 2017, but remained around 2.3% below the peak level of 2013. According to the…..