TRADE AND COMMODITIES

Tankers slip below line

ALL but one of the Baltic Exchange’s crude oil tanker routes showed time charter equivalent earnings below operating costs last Friday.

Capesize rally to fizzle as China cuts ore imports

THE RECENT rally in capesize bulk carriers is likely to be short-lived, as China’s iron ore imports decline from a record level, a leading London-based shipbroking house predicted.

Japanese demand steel price cuts

NEWS that Nippon Steel has negotiated a 33% price cut in its iron ore supplies from Australian miner Rio Tinto has bolstered Japanese shipyards’ stance in their fight for greater reductions in steel plate prices.

Capesize paper market jumps 25%

THE CAPESIZE market has sprung back to life on the back of a surge in iron ore demand from China. Capesize paper spiked 25% on May 27 as China’s relentless demand for iron ore shipments saw transatlantic spot rates from Brazil jump by more than US$10,000 in one day.