The third week of December reveals a weakening sentiment in the large vessel segment of the freight market, particularly for Capesize and Panamax vessels. Despite a decline in market rates, optimism surrounds a robust month-end due to a decreasing number of ballasters in the Panamax Continent Far East. Notably, there's an increase in tonne days from Brazil to China within the Capesize segment, suggesting potential rate stabilization. On the supply side, ballasters are increasing in several key areas, except for Panamax ships. While demand remains mixed, there are indications of a rebound in Capesize, hinting at possible recovery in the coming days. Chinese ports are experiencing congestion, reaching some of the highest levels observed throughout the year, impacting vessels across size categories. The report also notes positive expectations for Chinese economic conditions in 2024, providing a potential boost to the shipping industry in the upcoming year.

SOURCE:GOOGLE