- SGX freight derivative volumes totaled 57,091 contracts in November (+53% m/m; +40% y/y), while open interest averaged 94,559 contracts during the month (-5% m/m; +39% y/y).
- The Baltic Dry Index surged 40% in November, its strongest monthly rise since April, with higher spot charter rates across all vessel classes. Capesize and Panamax rates led the charge, rising 48% and 62% respectively during the month.
- While forward curves remain in near-term backwardation, shoots of optimism have been emerging on the fundamental outlook amid stronger demand and a dwindling order book-to-fleet ratio, with some expectations that the dry bulk freight market may be at a longer-term cyclical turning point.
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