Palm & Veg Report, July 2019
It is hard to measure the repercussions of the tensions that were building up in the Middle East last month and just how this might impact shipping markets moving forward. One thing for sure is that crude oil prices and insurance premiums have already risen noticeably higher over the last couple of weeks as a direct response to the spate of mysterious attacks in the Straits of Hormuz and sea trades in and out of this region remain volatile. Markets need to see an end to the geopolitical fog that has also been hanging heavily on global trade for most of this year before any feel good factor is restored because right now market activity is still rather limp and lifeless.
CPP markets in the East and in the West are fluctuating by the day, however, globally the chemical, acid and Vegetable oil markets remain rather subdues indicating that the summer markets are now in full swing