The BDI (Baltic Dry Index) was up 116 points since yesterday and now stands at 2,578 points. Same was also up 258 points since last Friday the 10th of June when it stood at 2,320. The 2,400 and 2,500 points-thresholds being conquered brings some controlled optimism given the war in Ukraine and the despicable oil prices… Humanity has seen many types and kinds of War, but this one in Ukraine will turn Planet Ocean upside down.- Covid still looms in the background; too early to lift the protocols – at least maintain the mask. John Faraclas’ daily and weekly recaps:
The Capes remains the driver of a “healthy” dry market and today we’ve witnessed another good performance in the tune of 285 points plus since yesterday with the BCI now reading 2,987 points. Same was up 616 since last week’s 2,371. Party time again; but do please be cautious. The 2,400 to 2,900 points threshold being conquered indeed brings optimism but same as said in the preamble, should be controlled.
Panamaxes too enjoy a good time with the BPI gaining 72 points since yesterday and now standing at 2,862. Good returns on a weekly basis with the BPI up 233 points – from 2,629. Both 2,700 and 2,800 points threshold being also conquered.
Supras too manage to surface with the BSI up seven points at 2,467 but on a weekly basis same was down 28… from 2,495 on 10/06.-
Handies too surface with the BHSI up two points at 1,343 but there was a loss of 74 points since last weeks 1,417 points and the loss of the 1,400 points threshold.
Overall, and as we have mentioned many times before, whatever is above the 2,000 on the BDI is safe for all… Cross your fingers as with the bunker prices – hitting historical high things can get sour.
The Wets were also gaining ground; the last published BDTI (Dirties) and BCTI (Cleans) stood at 1,205 and 1,716 up six and nine points respectively since yesterday. On a weekly basis, the Dirties gained 79 points – from 1,126 and the Cleans 203 – from 1,513 points respectively. Excellent!
The WTI was down to US$ 107.99 – minus US$ 7.26!!! On a weekly basis, same was down US$ 12.68 – from US$ 120.67 on 10th of June 2022! What a substantial fall. We wish, and hope for a return down to US$ 49.99 level. Obviously, under the warring circumstances due to the Ukrainian mess this sounds completely as a midsummer’s night dream, but…
The Dow Jones fell below the 30,000 points and now reads 29,888.65; the FTSE100 is about to fall below the 7,000 points – now down at 7,016.25… Not nice situ in the Far East with the NIKKEI down to 25,963…
The Euro Dollar affair at 1,04 must be taken seriously…
Interest rates an issue…
Inflation bites all over Planet Ocean, so does the worse ever Recession. We believe things will go far worse, brace!
Pletiful of Geopolitics:
The Economic War is here to stay and in tandem with the war on the ground in Ukraine – which spreads and with Turkiye’s (Turkey’s) errating and megalomaniac behaviour we will all melt in the war pot. Caution.
Europe must get its act together; it is about time; NATO too. NATO must understand that Turkiye (Turkey) is NOT what its leaders believe.
In Ukraine and adjacent region expect total mess.-
Meantime, turmoil almost all over Africa. Many issues still unsolved. What’s next in Libya? A wave of exodus from all over Africa is to be expected, beyond drain brain…
In Asia the focus is on a possible confrontation between the USA and China, not just over Taiwan but for many more issues…
Are we going to see a social upturn in Pakistan? Households cannot pay for essentials…
Next door in India things are also turning sour…
Mess still in Syria…
What’s next in French parliamentary elections? Will Jean-Luc Mélenchon deprive Macron in controlling the next government?
Boris Johnson continues to run the UK; watch this space.
Poverty issues in Central and South America… will bother us for a long time. Venezuela “looks” quiet… Energy you see…
Talking about energy, last Wednesday a provisional natural gas export deal was signed in Cairo, Egypt during an energy conference between the EU, Israel and Egypt. The World can cope without Russian Oil and Gas, this is the message that this provisional deal sends all over Planet Ocean!!!
The energy crisis dictates Australians to use less electricity and to switch off their lights for two hours every evening.
Migrants continue to be the biggest issue all over Planet Ocean with increased waves… CAUTION!
Covid left its …”legacy” post Posidonia with Covid P… All in all, we reiterate the view that it was too early to lift the protocols and the Mask. Politicians are to blame.
Enjoy Ascot !!
Mind the extreme weather conditions, heatwaves like in France… Mind the fires too… Mind Climate Crisis!!!
Posidonia remained the talk of the town; lets hope more business deals come up this time.
Make sure you read the excellent annual report produced by the GSCC with a unique introduction by its re-elected chairman Haralambos J. Fafalios.
Expect surprises in the 59th Aegean Rally a unique sailing extravangaza, which this year honours the Massacre of Chios by the Turks in 1822 – a very special anniversary.
Have a nice evening and weekend but continue to remain on guard from actions emanating from Pirates, Terrorists, Criminals and any Business Hooligans whatsoever wherever you are on Planet Ocean. Once again a big THANK YOU to all who really care for all humans – Doctors, Nurses, Seafarers, Dockers, Port Authorities et al during this Coronavirus disaster!! We repeat: Do please invest in Hospitals including Equipment, Doctors, Nurses and any useful means to avoid further disasters! Become more disciplined and care for the Environment too. As for the mess in Ukraine, you have not seen anything yet as well as its spread… Lastly: Education and Training for all to be able to tackle these disasters. Let us work collectively together and NOT opt for a fistful of Dollars to restart the already collapsed global economy… which is now approaching the US$ 400 (four hundred) trillion debt…
