This was another week of mixed feelings that failed to give us any real sense of direction. However we feel that the Large ships, namely the Capes and VLOC’s are in for some hard times ahead. Not necessarily “tomorrow”, but surely in the year to come. We are one month away from clearing out 2010 and this year was overall a very good one, all “other things considering”…!!! We feel that China has lead the way forward, has given us some positive demand for cargoes, has generated momentum and has been the steam engine that gave power to the dry bulk markets. Had it not been for China’s constant and insatiable appetite for raw materials, and general imports together with providing the world with a massive wealth of exports, we would be facing a collapsed dry cargo freight market. Simply as that! The effects of the inflow and vast additions of many new ships in 2010 has been moderated by China and partly by the other developing and emerging countries.
Best Regards
Theo Scholiadis - S&P Broker
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