MID-SHIP Petcoke Report – Nov 5, 2024

November 5, 2024

Market overview: 
The market continues to be neutral and unexciting in what should be a time of upward momentum seasonally. China economics, US Presidential elections and water levels in both Amazon and the Mississippi are uncertainties market participants are grappling with. India continues to vie for position to displace China as the prime mover in the dry bulk freight markets. India celebrated the Hindu festival of lights “Diwali” at the end of last week, taking a big player off of the board for several days at an already quiet time in the marketplace.

After ending the prior week at $15,395, down from $18,875 a week earlier in the cape market, the Cape-size market traded down throughout the week’s end. Last Monday, we were at $14,811, moving the average down to $15,311 at mid-week and ending at $15,329 by Friday. The Time Charter Average currently sits at a softer $15,332 as compared to $14,811 one week ago. Today’s FFA forward curve points to November contract at an improved $18,664 when compared to today’s spot number, an increase in December at $21,504. The three-month Q4 contract is assessed at $20,357. The benchmark Brazil to China voyage was basically flat at $20.38, well down from $24.79 three weeks ago. Q4 2025 paper is marked at a firmer $24,071 up from $23,921 a week ago.

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