MID-SHIP Alumina/Bauxite – Oct 9, 2024

October 9, 2024

Market Overview:
Holidays in Asia weighed heavily on market activity last week, giving us a generally quiet week. Today we continue in a similar vein. Bunker prices have moved up in the past week. West Texas Intermediate crude oil futures rose by about 10% last week, due to concerns about potential supply disruptions in the Middle East, particularly in reaction to tensions involving Iran and Israel. Iron ore prices have recovered in the past week, driven by China’s economic stimulus measures. The Baltic Exchange forward freight assessment is indicating a 12% and 19% increase in Panamax Time Charter average in October and November, respectively, as compared to today’s spot rate. The assessments for all segments are calling for improvements this month and next. Please see our daily Time Charter Averages report for more information.

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