Dry Bulk Update

October 3, 2016

Dry Bulk Update:

 

The numbers out of London today suggest we are going to have another bad week in the dry bulk space.  Of the four component indices that drive the BDI only the BSI had anything green to say, and not much of that.  A further dilution of market sentiment can be quickly mixed together with a look at the futures.   Then there is Golden Week.  We can hope the Chinese holiday is to blame, well for a week we can say it is so. 

 

Cape 5 T/C ~ $12,400 down about 275

Cape 4 T/C ~ $11,600 down 300

BPI 4 T/C ~ $5,700 down 100

BSI T/C ~ $7,100 up 10

BHSI T/C ~ $6,050 down 50

 

Dry FFA:

The crew at FIS tells us the paper markets are trading softer on really light volume. 

Q4-16

Capes $9,250 (-50)

Pmax $6,200 (-100)

Soups $7,000 unchanged

 

Dry Scoop:

Our friends at Arctic Securities talk about the Chinese steel and King Coal.

“In the steel market, China’s economic data showed further improvement over the weekend which may reduce need for stimulus as manufacturing/industrials grew – the services/retail sector being more stagnant. We see China as being in the midst of a bi-polar situation where the ‘old economy’ meets the ‘new economy’ – leaving outsiders guessing more than planning the next events. From a dry bulk perspective, we see the strong iron ore imports YTD as supporting further cuts in iron ore production which will lift imports above 1bn tons in 2016. Coal being the biggest surprise factor on the demand side as nobody had expected any help from a dethroned King Coal.”

 

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