A round of "reverse cancellations" at Singapore and Gwangyang in South Korea and still-low fresh cancellations combined to send cancelled tonnage in outright terms to its lowest level since mid-February. The ratio of cancelled tonnage to total registered tonnage has also sunk to just below 5%.
By either yardstick, it seems as if "out" side activity is going to slow further from already modest rates.
That means that the headline figure, which has been tracking lower for six consecutive days, will remain highly susceptible to a resumption of warranting at any significant level. With the exception of the curious-looking single-lot at Rotterdam yesterday, arrivals have been conspicuous by their absence for the last week. However, recent patterns suggest it will be only a matter of time before more metal hits the system, sending the headline figure higher again.
Note Wednesday brought some further freeing-up of the registered tonnage at Trieste, which now holds 26,125t, of which 2,425t are in the form of cancelled warrants.
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