The second week of February brought on a really confusing spin to the markets, with fundamentals across the board performing bizarrely (compared to last week’s performance), reports cash buyer GMS.“After a volatile
The second week of February brought on a really confusing spin to the markets, with fundamentals across the board performing bizarrely (compared to last week’s performance), reports cash buyer GMS.
“After a volatile beginning to the month, the Baltic Exchange Dry Index and even oil futures found steady ground this week, while even the U.S. Dollar firmed against all ship recycling nation currencies except India (ain’t that a switch), as did local steel plate prices, which also saw India slip the car into reverse and backpedal nearly all of its recent gains.”
In an expanded view, the Baltic Exchange’s Dry Bulk Index fell 0.6% this week, pressured primarily by the larger-sized segments, as Capes fell nearly 2% and the Panamax index slipped a matching 0.6%, Supras marched (improved) an impressive 1.8% of their own.
“Sliding into the barrel, we see WTI crude oil futures pull a drone maneuver and hover around (a lower) USD 62.8/barrel, as markets, investors, and traders collectively worry about the bacteria brewing under the U.S./Iranian nuclear peace carpet once again, and fears over ongoing supply being drastically affected could have a devastating effect on oil prices the world over.”
For the ship recycling world, it’s likely
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