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- SGX freight derivative volumes totaled 40,113 contracts in February (-14% m/m; +322% y/y), while open interest averaged a record 98,996 contracts (+19% m/m; +351% y/y).
- The Baltic Dry Index ended February up 4%, though masking mixed performances by underlying vessel class. Freight rate volatility increased for smaller vessel classes in particular. Forward curve expectations remained largely unchanged.
- The dry bulk freight market was plagued by persistent weakness through February amidst continued China macro concerns, shrinking global steel output and a weak earnings season for the international miners. That said, some shoots of optimism may emerge as March has historically seen seasonally stronger dry bulk activity.
FULL MONTHLY REPORT AVAILABLE <HERE>
SGX FREIGHT CHARTBOOK AVAILABLE <HERE>
Historical monthly reports and articles are available at the Knowledge Centre on our website here.
