Wednesday, September 2, 2009

SHIPPING VOLATILITY

· The Shipping Markets experience continued volatility
· A system to reduce coal ship queues off Newcastle has been thrown into disarray with approval for an interim agreement between coal companies being revoked by Australia's competition watchdog ACCC
· Global steel production was down 19.9% to 652.9 million tons for the first 7 months of 2009 compared with the same period a year ago. North America posted a 41.6% fall in year-to-date steel production while European production reduced of 42.1% during the same period
· The time charter rates for cape size ships, are expected to reduce about 50 per cent from the current price of $38K USD a day to low 20K. OECD predicts a 16 per cent drop in world trade for all of 2009.

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