MID-SHIP Fertilizer – June 4, 2025

June 4, 2025

Market Overview:

The Summer season is upon us. Cape-size operators have run well this past week, while all other sectors operate at low levels. The U.S. Administration’s ‘fluid’ tariff policy is wreaking havoc with newly increased tariffs on steel and aluminum to start the new week.

Flooding in Western Australia is affecting Coal logistics for the Port of Newcastle.

Brazil imported 14.76 million metric tons of key commodities in Q1 2025 — a 12.55% drop year-over-year. This decline was driven by global price volatility in major products like iron ore, oil, soybeans, and sugar, alongside the depreciation of the Brazilian real, which raised import costs and reshaped trade dynamics.

U.S. consumer confidence rebounded sharply in May from an almost five-year low as perceptions of the economy and labor market improved.

The soft trend in fuel prices continues, reaching sub $500 per ton levels for Very Low Sulphur Fuel Oil (Singapore $499/Rotterdam $466). Brent traded flat at $64 on Monday after OPEC+ announced over the weekend the group would increase output in July by 411,000 b/d, the same amount the group has raised output by in the previous two months. An EIA report revealed that U.S. crude production increased by 250,000 b/d m-o-m in March to 13.49 million b/d, a record high. Kazakhstan has told OPEC+ it does not intend to lower its oil production and will produce at its capacity despite previously pledging it will compensate for past overproduction.

 

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