MID-SHIP Report: Dry Bulk Freight Market – Oct 4, 2024

October 4, 2024

The market at present is lackluster and in need of a catalyst to break the current range bound trade and general lack of volatility. Perhaps the commencement of the North American grain export season and grain demand in north Europe might provide some much-needed impetus in the Atlantic and China’s return from this week’s national day celebrations on the heels of one of government’s most significant fiscal and monetary policy stimulus moves since the pandemic will drive economic recovery in the coming months?

According to the USDA’s projections, there will be increased exports of key grains such as corn, sorghum, and rice. Despite a slight decline in planted acreage for some crops, the overall demand and competitive global markets are expected to drive substantial export volumes.

In China, the stimulus measures have surged investments in infrastructure and property and are expected to drive GDP growth and rebound China’s economy.

Much of the market weakness, as was anticipated in this report earlier this spring, is due to a resumption of Panama Canal transits over the past few months.

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