“Everything’s not lost”, sang Coldplay. Admittedly this was before they’d started marrying actresses and not in reference to the freight market. Still, let’s stick to the simile while it holds and like a broker on a Thursday night, sort out the details in the morning.

The dry bulk market could be said to finely balanced with several rough edges. Recent analysis has marked out increased volatility in the iron ore sector over the next six months but also the return of fleet growth after a decline in the enthusiastic scrapping seen in the first quarter.

All of which made for a week that while never the most exciting, did at least provide some of the movement that keeps paper interesting.

Capesizes had been on an upward trend but a turnaround in sentiment weighed heavily on paper by mid-week which saw June sold down to $6,000 and Q3 touch $6,500. However levels rebounded as the negativity was judged a little overdone with the emergence of better indices which saw the TA move up and some light discounting for other routes.

Thursday saw the negative tone return as the indices were marked lower and the curve gave up some value on the nearby contracts. June traded sub $6,000, Q3 was off $250 and Q4 saw $8,300. Once again as the day drew to a close, there was some more buying support evident for quarter and calendar contracts as sellers pulled back.

With little improvement in both basins and a very choppy but ultimately softer Cape market Panamaxes held a tight, steady range on light activity. June and Q3 traded down to $5,000 and $5,100 as prompts continued to see good support at $5,000 mark.

Increasingly sluggish activity with small gains added to prompt contracts - June and Q3 to $5,300 and $5,350 while further out levels remain rangebound and well supported.

Supramaxes followed the early week trend with thin interest and quiet trading – hope was for an early prompt push but offers were better than bids and the Cal17 saw some activity.

A more positive feel as the week ended but although physical reports show a well balanced and generally steady market it remains fairly directionless. June pushed slightly but the “rally” came to an end as quickly as it had started.