The BDI drops down to 607 points; uncertainty continues. John Faraclas daily market briefing:
With minus three points the BDI continues to strengthen the view that there is still a long way to go for better days in shipping, particularly in the dry sector.
- The Capers once again continued, with a minimal plus, to bring speculation to the fore. The BCI 2014 was up nine points now reading 922.
- The Panamaxes continued falling (six points today), standing at 544 points…
- The Supras’ BSI at 570 (minus four points, and
- The Handies also minus four points with the BHSI at 345…
All in all a downwards market, end of the story!
- The Wets also on a minus mood; the last published BDTI and BCTI were minus six and three points respectively (Dirties 759 and Cleans 490).
- The WTI tries to go above the US$ 50 – now standing as you read these lines at US$ 49, 25.
The 5th Analyst and Investor Day, the Capital Link’s super shipping forum this morning at WESTIN Astir Palace in Vouliagmeni, come at no better time, with interesting but mixed views. The International shipping community and its stakeholders must digest that we live in a different world with NO cycle, as all believe and soon they will experience. This international event’s attendance surpassed even the organisers’ expectations. The 99 centum of delegates remained until the very end!!!
At the same time in Athens’ Hilton, the Mare Forum’s 6th Blue Shipping Summit on Salvaging the Environment was another great success!
As we have declared in an interview with Reuters in London – when the current regime was elected back in January 2015 stating that it will be a suicidal action to attack Greek shipping, same come out to be true yesterday with the expected from our side speech of Greece’s prime minister Alexis Tsipras during Posidonia 2016 opening! Control caution though should always be exercised!
The Greek stake in international transport has increased despite the on-going seven and a half year-old crisis. Just above 16 centum of the world’s ships belongs to Greek interests correlating to 230, 5 mio dwt!
The Geopolitical situation continues to deteriorate and as we have said, the drums of WWIII can be heard; that will be ideal for shipping. This by no means is a cynical statement, it’s the reality and we adhere to!
Firewroks at Clarkosn’s Platou party, great mood at Hong Kong’s Posidonia event, and what about DNV GL’s dinner event at the Ekali Club last night that was! For sure during the 160 – at least, events taking place during this Posidonia will for sure be ground for many discussions on the future of shipping. We intent for a full weekly recap this coming Friday.