Home NewsAt the end of the day... The BDI: Classic British reaction with the bond closing at 007 …err 1, 007

The BDI: Classic British reaction with the bond closing at 007 …err 1, 007

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The Baltic Exchange

The Baltic Exchange

We are living in interesting times!  With the BDI closing earlier this afternoon at 1, 007, up 11 from yesterday’s under one thousand points mark at 996, the interest is growing of what is next to come! All categories except the capers (BCI + 41), where down – the BPI  at 993 down 7, the BSI at 909 down one, the BHSI at 516, down 2. The wets too continued their slow downwards trend with the BDTI at 631, down 1 and the BCTI at 570 down 6! I guess if the capers remain steady or at + 5-10, tomorrow 14/8 the market overall will go again below the 1, 000 points barrier. Technically it is!

There is a strange feeling about the market and we might see  regulators stepping in and checking what is going on; there are unfounded rumors for market manipulation as well as that there is also speculation on the futures.

Time will tell, but one thing is for sure: despite a buyers’ market, vis-a-vis buying cheap tonnage – newbuildings or second hand, good payable freights will evaporate and due to the international credit crunch and more or less bankrupt economies, the market might go even worse. To put it in another way: survival of the most capable owners! The worse is yet to come; remember the early 80’s crisis was overall much worse.Watch this space. 

 

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