Home NewsCruise Industry Stay put with the BDI’s rise… there is a long way to go!

Stay put with the BDI’s rise… there is a long way to go!

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John Faraclas

Despite some gains the BDI (Baltic Dry Index) remains low; low with the correlation of t/c rates both for the spot and period and unless we see the magic 2,247 and above level, stay put! Geopolitics are worsening and the drums of War can be head… John Faraclas’ daily recap:

The BDI gained seven points since yesterday and now reads 1,417 thanks to the Panamaxes as the Capers continued to dive.

The BCI was down a dozen points and now reads 2,884, whilst the BPI was up 27 at 1,465 points.

The Supras approach again the 1,000 point threshold with 18 points plus at 996…

Five points were “enough” for the Handies and the respective BHSI stood at 618 points…

The Wets continued with ups and downs; the last published BDTI (Dirties) and BCTI (Cleans) stand at 783 – plus seven and 609 – down six respectively… Ultra-caution for both…

The WTI maintains the level no one really wants to know above the US$50.00 mark – to be precise just now stands at US$ 50,88 – CAUTION!

There are voices maintaining the view, as they did last month – not to mention through these nine year old crisis,  that the worse is over and the crisis is over! A century of prosperity is ahead of us! It is an Indian Summers’ dream… at best… Wake up, things in Shipping have changed for ever; the Intermodalism is moving fast with different owners’ scenarios!

Geopolitics in general are producing more shocks all over Planet Ocean and as said in the preamble above, the Drums of War can be heard and take cover as you might be caught in the middle of  a very asymmetrical situation… All issues covered within the last two months – not to say over six years, remain the same and are getting even worse; wake up!

The Hon. Mr Justice Males introducing the event and the speakers

On another note, the first event for the new season of the London Shipping Law Centre (LSLC) took place earlier on tonight in a full house at the Quadrant Chambers auditorium. A more than interesting event on “Update on Damages – The New Flamenco” involving amongst others one of my very lovable and favourable issues, that of Ships Sales and Purchase!! The long awaited Supreme Court decision in the New Flamenco unanimously reversed the Court of Appeal and held that Owners did not have to give credit for the difference between the price for which they sold the vessel shortly after Charterers’ repudiatory breach and the much lower price they would have received had the charter run its course and terminated two years later. We will revert in due course with all the presentations and deliberations. Watch this space!

Have a nice evening and be on guard from any eventuality emanating from Pirates and Terrorists worldwide…


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