Fluctuations And Trends In The Freight Market: A Weekly Overview

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The shipping industry is experiencing significant fluctuations, with varying levels of activity across different regions and routes. A chartering broker noted the current volatility, predicting clearer market levels in the coming week. Spot freight rates and time charter rates, particularly for Supramax ships with scrap cargoes heading to the East Mediterranean, have shown an upward trend.

Northwest Europe Sentiment and Ship Activity

Recent data from S&P Global Commodities at Sea indicated a negative sentiment in Northwest Europe, with 101 laden ships and 37 ballasting. The spread between laden and ballast vessels has increased, now at 64, highlighting a shift in market dynamics since week 22.

Time Charter Rates and Fuel Prices

Time charter equivalent (TCE) rates for the Rotterdam-Aliaga 40,000 mt ferrous scrap route increased significantly. On June 17, Platts assessed the TCE rate for 0.5% sulfur marine fuels at $14,175/day, up 46% week on week, and for scrubber-fitted ships at $14,869/day, up 43% week on week.

Trans-Atlantic Tonnage Supply

In the North Atlantic, the US East Coast trans-Atlantic tonnage supply remained balanced. However, spot rates hardened due to increasing momentum in both North Atlantic and trans-Atlantic trades. CAS data showed 19 laden ships against 10 ballasting ships, maintaining a balanced supply spread.

Shipments of scrap cargoes and steel products via Supramax-Ultramax vessels from Northwest Europe, the Baltic Sea, and Russian Baltic regions to Turkey saw a significant increase, with 78,037 in-transit journeys, up 97% week on week.

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Source: S&P GLOBAL