Demand levels are high ahead of the early Chinese New Year shutdown. But analysts warn that a sting in the tail will come in February.
Despite the Baltic Dry Index moving up by two points on Friday to 774 market participants hold a dim view as the International Maritime Organisation sulphur cap rules takes its toll. A producer of iron ore or coal sees a 40% increase in freight cost overnight with no ability to recover those costs.
Deal target remains unchanged from 2019. The group only managed to meet 76% of the goal last year.