By Anastasia Vamvaka
The dry bulk cargo market has returned to a positive trajectory following the negative impact of the Russian military invasion of Ukraine.
“Dry cargo agreements have reacted strongly and negatively [μαζί με τις περισσότερες αγορές] “In the Russian invasion of Ukraine,” said Kerry Deal, head of Freight Investor Services.
Capesize cargo shipments were hit hard, falling 17% to $ 21,750 for the April contract in the first two days after the invasion, while panamaxes held better, falling 11% to $ 24,740.
However, both have recovered most of their lost ground, raising $ 4,000 and $ 2,000, respectively, in March 1 trading.
Capesizes rose 14% to $ 15,258 a day on the Baltic Exchange, The London Stock Exchange on March 2, while panamaxes gained 1.3% to $ 23,703.
Supramaxes was at $ 27,178, gaining 1.7%, while handysizes at $ 25,577, up 1.1%, the highest since the end of December.
“There is a general feeling that the market was collapsing too much and demand for tonnage remained healthy at higher levels in both minerals and grains far from the Black Sea region,” he said, although “huge uncertainty” remained.
U.S.-based Breakwave Advisors said futures on its contract market shrank as the risk eased. Commenting on demand developments, Signal Ocean, a Greek-based analytics platform, showed “significantly higher growth this week” for panamaxes, followed by concerns about a break in Russian coal deliveries.
The trend is also higher for supramaxes as Ukrainian grain ports were closed and buyers were looking for alternatives, he said.
More than a dozen bulkers have been stuck in Ukrainian ports since February 22, mostly in the panamax-sized but smaller category, according to Lloyd’s List Intelligence.
Star Bulk has confirmed that it has three ships that have completed loading and are waiting for the ports to reopen before they can set sail. The ship’s crews remain well and the safety of the sailors is the top priority. The company has no ships in Russia and has “no upcoming business under consideration”.
Source: Capital
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