A firm start on paper was justified when the 5TC index jumped 10\%. Despite the justification for the paper premium finally arriving, momentum on paper failed to carry through and rates slipped a touch over a quiet afternoon session. The end result was a curve that looked remarkably unchanged over the day.
Panamax FFA Commentary:
We continued to trade in the top end of the weeks range through most of the day with good volume changing hands at the highs with Aug and Q4 pushing up to $9700 and $10250 respectively, while further out we saw Cal18 and 19 printing $9200. Despite drifting off a touch on the back of some profit taking the tone remains relatively positive.
Supramax FFA Commentary:
Supramax paper was subject to an early initial push with Aug trading $9300 and Q1 7850. However with limited activity we sat at these rates for most the day with little change. Index was slightly disappointing -$77 10TC and -$108 derived 6 TC. The afternoon drifted to a close as we still saw bid support but little appetite to trade. Have a good evening.
Handysize FFA Commentary:
A pretty much unchanged day for the handysize paper, as we lacked interest frim start to finish. No reported trades. Have a good evening.
