Economy
November 23, 2013
Freight Update for November
Written by Sandy Williams
Shipping markets in the Gulf are seeing some strong rates as producers are anxious to fix and load cargoes before the holidays and year end according to the November 20th MID-SHIP Report.
Shipping rates in the The Cape and Panamax markets have eased in the past two weeks but Chinese steel mill restocking of iron ore for the winter months may push cape rates up. In the Panamax market rates dropped 15 percent with Pacific Ocean charters dropping below $10,000 per day. Forward Freight Agreements for the first quarter of 2013 are below $10,000 indicating a possible slow recovery.
