As August winds down, international markets gave us one other week of shy half-gestures and newlywed hesitant strikes, says money purchaser GMS, all whereas confidently pretending they had been marching someplace necessary.
“Oil merchants stored one eye on inventories, the opposite on geopolitics, and each cockeyed on the clock as WTI closed at USD 64/barrel with Brent simply above USD 68—strikes so small they regarded like rounding errors. But the regular draw of about 3 million barrels from U.S. reserves retains feeding the phantasm of momentum heading into September as U.S. oil costs proceed to fall, exceeding expectations.”
The Baltic Dry Index additionally added its personal stage drama, closing at 2,025, the most effective in a month, however the cut up beneath the headline was way more telling, says GMS: Panamaxes up 3.1%, Supramaxes at highs not seen since Might 2024, and lumbering Capesizes discovered their very own wakes due to weak iron ore demand.
“The smaller, nimbler courses appear to be carrying the temper all whereas the giants’ sulk – a sulk that has been slowly charting their return to the recycling seashores of late, week after week.”
Tonnage provide this previous week has slowed, with fewer arrivals throughout the Indian sub-continent ship recycling waterfronts with solely a few tankers and a tiny provide vessel in Alang.
“Not precisely the flood of post-Covid overaged ships the market had pushed its expectations into believing could be occur via the summer time of 2025 – a lot to the business’s dismay.
“Currencies additionally added their very own spicy theatre to the markets this week with India’s Rupee collapsing to report lows, leaving metal value positive aspects trying extra like inflation cosplay than actual optimism. Pakistan’s plate values froze once more, and Bangladesh’s market regarded so bored out of its untraded thoughts it barely twitched, all whereas currencies at each locations remained astray.”
GMS demo rankings / pricing for week 35 of 2025 are:
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