Finally, it was a month of trading without COVID dominating the market. US Weekly Unemployment Claims returned closer to the pre-COVID level, breaking under 700,000. The Fed maintained its accommodative stance. In this environment the broad equity markets have shown solid returns. Most cyclical sectors have performed on par, whereas energy stocks were lagging. OPEC had revised its world economic growth outlook upwards. This has bolstered cautious views that OPEC + may unwind output cuts quicker than anticipated. The price of Brent-oil decreased from $ 66.00 to $ 63.50 per barrel. Capsize rates decreased from $ 21k/day to $ 18k/day. LNG spot freight rates have moderated to $ 33k/day by month end. The SCFI Containerized Index has fallen about 7% from peak levels. On the other hand, VLGC spot rates have increased from $ 10k/day $ 30k/day. Shipping stocks were profitable across the board whereas renewable energy shares and overall hedging positions have contributed negatively.
For more information you can find our latest Fact Sheet – March 2021.
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