What a week we are having… 15th of August week always is a calm week that all Shipping professionals in Greece usually slack –off and relax momentarily from our straining daily schedules… however how can you relax in full when the Baltic Dry indices are practically going crazy…
The BCI is hot, as the Capes have rightly gone wild with China the usual culprit asking for more iron/ore to replenish their nearly used-up stock-piles… and the freights are going up… passing also some of this momentum on the smaller sized vessel segments, a scenario so familiar that we wonder why we don’t rename the Baltic Cape Index (BCI) to the Baltic Chinese Index (BCI)… as it is China’s wishes and China’s appetite that purely dictates the wellbeing or sorrow of the Cape Index.
The BCI has increased by 13% Friday to Monday, another 13% Monday to Tuesday, 10% Tuesday to Wednesday and another 16% yesterday…!!! In total in less than 2 weeks (July 27th) it has regained more than 85% of its value (from 1698 points it has risen to 3152)
The BDI has risen since its lowest point of 1700 on July 15th 2010 by more than 39% and has reached 2378 points on closing of 11th Aug 2010. Overall we have seen a rapid recovery that has enabled most shipping pro’s to improve their confidence and that is very important especially during the traditionally inactive month of August. We mentioned that China is very important and their import buying appetite for Iron/Ore is the key ingredient for the capes, as Iron ore accounts for more than 75% of all cargoes transported by capesize ships.
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