Shanghai Shipping Exchange: Far East Dry Bulk Freight Index Slightly Declines

From the perspective of vessel types, major Australian mining companies remain enthusiastic about inquiries, and there is still support from rigid shipping demand. However, affected by the decline in fuel prices and FFA forward contract prices, market activity has weakened somewhat, resulting in a slight adjustment in freight rates. In the Panamax vessel market, coal cargoes have decreased slightly compared to the previous period, while available shipping capacity has increased, putting pressure on daily charter rates. In the Supramax vessel market, improved weather in the Philippines has boosted nickel ore shipments. In addition, increased coal imports in Southeast Asia and supplementary domestic steel exports have jointly supported the charter rate level. On May 21, the Far East Dry Bulk Freight Index released by the Shanghai Shipping Exchange was 2,484.88 points, down 2.6% from the previous period.