Weekly Dry Market Monitor - Week 26, 2023

Posted by
Maria Bertzeletou
June 28, 2023
Iron ore flows to China have experienced a substantial increase, particularly following the end of the first quarter

As we are nearing the end of June, the freight market sentiment remained robust for the Capesize segment, while the softening trend is still there for the other smaller vessel size categories. The market remains challenging from the number of ballasters, where there is an increasing trend throughout the June with the Capesize segment recording significant downward revisions.

There seems to be a healthier outlook for the larger vessel size categories, as we have already entered the manufacturing season in China and the volume of iron ore shipments from Brazil and Australia increases. There is now a remarkable firmness in total volume of iron ore flows from Australia to China, where the 25d moving average is surpassing the levels witnessed in the previous two years (see image above).

The current month is trending to surpass the highest level seen at the end of June last year which comes against mixed worries for the solid economic performance of China and its demand for steel and iron ore. It is worth noting that market conditions can evolve rapidly, and it is important to monitor the dynamics of the freight market and iron ore industry closely. Nonetheless, the current market signals indicate a robust freight market sentiment for Capesize vessels, while smaller vessel sizes face softening rates.

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