The complete data for October shows a counter cyclical bounce for the dry cargo market. Traditionally after a strong third quarter we normally see an easing of demand in October but as the graphs show, we see strong demand. A strong soybean season, coal restocking and a healthy steel trading market have all contributed.
When we look at the year as a whole, we can see that compared to last year everything is pretty even, except for iron ore and coal that have led the charge. Chinese coal demand is the king of the swinger cargos and has provided most of the growth and in October is plus 14% yoy. Coal demand has been building in India as well as China.
The US Soybean season looks particularly strong this year for October exceeding October last year but the USDA forecast a slight decline overall compared to last year pointing to strong demand in the Asia markets and early sales.