Welcome to Breakwave Advisors Weekend Read
As we conclude the workweek and head into the weekend, take a moment to review the key articles from this week, including those you've highlighted. The Energy Transition - Made in China, Suezmaxes seek alternate routes as European crude demand is limited, Volatility muted amid uncertain economic outlook, China’s critical role in the global crude oil market, and more.
Breakwave Dry Bulk Report
Capesize Rates Reach mid-20,000s as Panamax market Hit 8-Year Lows – The sharp rally in Capesize spot rates has come to a halt, with the Atlantic market experiencing a marked downturn.
The Baltic Dry Index (BDI) ended the week at 1,537 points, with all segments remaining in the red.
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Doric Weekly Market Insight
Q4 rally runs out of steam
Mideast Gulf to China VLCC (TD3C) climbed from $24,373/day on 7 November to $37,616/day on 19 November, its highest level since 9 October but had fallen back to $32,721/day on 21 November.
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Braemar Tankers Research Update
How will Emission Control Area changes affect fuel oil demand in the Mediterranean?
The upcoming Mediterranean Emission Control Area will likely tighten ULSFO supplies in the region and free up VLSFO supplies for the East.
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Vortexa Freight Weekly
Persistent Weakness
Crude and product tanker markets have been under heavy pressure so far in Q4, with clean West rates currently the only bright spot.
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Gibson Tanker Market Report
China’s critical role in the global crude oil market
China’s decision to grant an additional crude oil import quota of at least 5.84 million metric tons for delivery through late 2024 and early 2025 ..
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Intermodal Weekly Market Report
Ongoing Growth in China; Ongoing Contraction Outside China
As we discussed in Commodore Research's most recent Weekly Dry Bulk Report, global steel production totaled approximately 151.2 million tons in October.
From Commodore's Weekly Dry Bulk Reports
Volatility muted amid uncertain economic outlook
A weaker USD and signs of improvement in China’s economy helped boost sentiment.
Commodities Wrap
Suezmaxes seek alternate routes as European crude demand is limited
Suezmax employment for West African crude shipments to East of Suez is increasing in November, while VLCC voyage counts are steady.
Vortexa - Global Freight Snapshot
Capesize Market (Ballasters, Tonne Days, Market Rates)
The end of November marked a significant downturn in dry bulk freight rates, with the Baltic Capesize Index plunging by 30% year-on-year.
Signal Ocean - Dry Weekly Market Monitor
The Energy Transition - Made in China
The ongoing energy transition is significantly impacting dry bulk shipping and commodity consumption in China through shifts in energy demand,
BRS Weekly Dry Bulk Newsletter