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Capital Link Maritime Indices
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BMTI Daily Snippet
November 20, 2009 at 09:04 AM
The recent freight rally in the Cape spot rates has been fuelled largely by a renewed thrust for iron ore imports to China with CIF prices on standard 63.5% Fe iron ore ex-India surpassing US$ 100/t last week and continuing to rise this week, hitting the US$ 106/t mark at last report amid rumours of US$ 108/t already being concluded—coming with reach of this year's high point of US$ 115/t CIF reached in mid-August on the route during the late summer iron-steel market rally. The notable US$ 8/t week-on-week increase in these CIF India/China iron ore rates is due roughly to equal parts higher spot prices (which are up about US$ 4/t since last Friday) and higher freight rates (rising from US$ 20/t up to US$ 24/t in the week). www.bmti-report.com
Imarex Daily Brief
November 20, 2009
There are reports that Vela has sold three SH vsls for conversion purposes to Vale. The news could be viewed in three ways. 1 – Vela senses that more SH bans are on the way and are beginning to unwind their SH exposure. 2 – Vela senses the market is going to get worse and wants to unload their SHs sooner rather than later. 3 – Vale wants ships. I am open to further conspiracy theories and comments on this topic...
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