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- SGX freight derivative volumes totaled a record 73,264 contracts in April (+19% m/m; +420% y/y), while open interest also hit a new record averaging 116,310 contracts during the month (+3% m/m; +261% y/y).
- The Baltic Dry Index ended April up 64%, its largest monthly rise since Sep 2013, driven primarily by a surge in Cape rates. However, forward curves now imply moderate downside risk to spot rates in the near-term.
- Seasonal demand strength, inflationary factors and a policy-driven economic stabilisation in China have boosted the dry bulk freight market in recent weeks. Views now remain divided over near-term direction, with spot rates having risen above forward rates, and uncertainties over the sustainability of stronger industrial demand in China amidst mixed policy messages.
FULL MONTHLY REPORT AVAILABLE HERE
SGX FREIGHT CHARTBOOK AVAILABLE HERE
Historical monthly reports and articles are available at the Knowledge Centre on the SGX website here.
