Uncertainty prevails, directionless, and above all, no clear sign that we have left the worst past-us. However optimism is here as there is some momentum in the Supramax markets and some extra steam in the Capesize markets as more cargoes and more demand are there especially after the second half of week31 went through. It is encouraging also that a slight pickup of the rates is happening now during the cooling-off summer period that most activity usually subdues. We can expect that September onwards some new trades will provide more steam in the dry bulk business. Some useful market underlying fundamentals show that both India and China have adopted new energy producing plants based on thermal coal and the new demand for those new energy businesses will alter the world coal trade whose seaborne trade is expected to reach 1.05billion tones for 2010 as opposed to 0.85billion tones of 2009. The coal trade is expected to partly counter some of the lost momentum that the iron/ore business has not produced over the past 2 months. Most of the trade of coal comes from Indonesia and Latin America, and this is important to note that Indonesia is part of the famous BRIIC 5 country set, that is expected to have a very positive GDP growth of about 6.2% for the second half of 2010.
