The BDI (Baltic Dry Index) ended down 18 points since yesterday and now stands at 1,384; on a weekly basis same lost 174 – from 1,558 last week (12/05), losing also the 1,500 and 1,400 points threshold; the bigger loser being the Capes. Both the Wets fell with the exception of the Dirties on a weekly basis where the BDTI was up 54 points. On the Geopolitical front, as was expected, things got worse – the war in Ukraine enters a difficult phase for all involved, the world awaits the final result of the inconclusive first round of Turkiye’s election on the 28th of May and the coming one in neighbouring Greece this coming Sunday the 21st of May – which look also to be inconclusive. The G7 meeting in Japan is more than a crucial one! John Faraclas’ daily and weekly recap:
The Capes’ BCI, the maker and shaker of the Dry Markets, lost 37 on a daily basis and 351 on a weekly basis (from 2,456 on 12/05) and now reads 2,105 – losing the 2,200 to 2,400 points thresholds… Once again: one size cannot determine or dictate a market nor can constitute a market…
The Panamaxes BPI lost 13 points since yesterday and now reads 1,222 points. 180 points were the losses since last week’s 1,402 points with the 1,300 and 1,400 points thresholds lost!
Minimal losses for both the Supras and Handies. The BSI lost eight points and now stands at 1,077 whilst on a weekly basis same was down 28 points (from 1,105 on 12/05) losing the 1,100 points threshold. The BHSI was down just two points at 612 points and on a weekly basis down 20 – from 632 on 12/05.
All in all no steam in the Dry sector and volatility might re-appear and unless we go over and above the 2,000 on the BDI; be cautious!
The Wets as said in the preamble falling but still strange…despite the fact that the airline industry took off…. The last published BDTI (Dirties) and BCTI (Cleans) stood at 1,306 – minus six and 585 – minus two points respectively. On a weekly basis the Dirties were up 54 points – from 1,252 last week surpassing the 1,300 points threshold!
The WTI was down to US$ 71.85 from US$ 72.89 yesterday – minus US$ 1.81; on a weekly basis same was up US$ 1.81 from last week’s US$ 70.04… Once again, we reiterate the view that it is a MUST to see the WTI at US$ 49.99 ..end of the story!
The FTSE100 was up at 7,756.87 – plus 14.57 since yesterday and 2.25 since last week’s 7,754.62.-
The Dow Jones was down 109.28 since yesterday and now reads 33,426.63. On a weekly basis though same was up 126.01 from 33,300.62 (on the 12/05).-
The NIKKEI was up 234.42 since yesterday and now reads 30,808.35. Good news for the weekly …score; the NIKKEI was up 420.05 – from last week’s 29,388.40.-
The Euro – USDollar was 1,0821 – from 1,0775 since yesterday but last week’s score was 1,0937 CAUTION?
On the geopolitical front now:
MIGRANTS make life difficult for all, but above all still many losses at sea – thousands trying to cross over to Europe from Minor Asia and North Africa emanating from as far as Afghanistan and sub-Sahara, not to mention what happens at the other side of the Atlantic and how will the USA behave(?) … AND what about France and Italy hostile attitude due to MIGRANTS, eh!!!! Watch this space! CAUTION as Migrants is the worse time-bomb which will rock the social cohesion. Shame to all politicians who ostracize.
In Ukraine whilst the counter offensive is being planned, Russia retaliates with missiles killing civilians and that’s not on. It can cause a nasty revenge… The despicable atrocities from both sides will continue and warmongers have their day… Nobody gives peace a chance! At G7 things are premeditated and BRICS have a question to answer, particularly Brazil’s Lula and South Africa’s Matamela Cyril Ramaphosa. Wonder what will happen after Bakhmut… irrespective who wins the little but important town! Meantime looks likely we are going to see an extension to the grain export from Ukraine and Russia with UN and Turkiye’s “intervention”. CAUTION!
The inconclusive Turkiye’s elections last Sunday have one message: Erdogan comes to age… Try to interpret this…Let’s see the end result on 28th of May…
In neighbouring Greece, all signs direct and dictate for also an inconclusive general election this coming Sunday. From both these nations election results, Peace in the wider region of Central and East Med, the Balkans and Middle East will be determined as everything is at stake…
China MUST reason with global geopolitical issues as the Biden Administration will be extremely tough – both for China’s stance with the Ukrainian War, Taiwan and the South China Sea…
Mind the Sudanese mess…
The USA’s economy MUST be streamlined so in the future same avoids threats and uncertainty over payments; will the Fed government default, or we are going to have a last minutes avoidance, as otherwise not just the USA, but Planet Ocean will be in trouble… Come down to your senses guys and dolls…
Mind the lefty loony in South America…
Mind the Middle East too – as always, and see what’s up with the ..return of Syria’s president Bassar al-Assad…
On another tone and note we had:
The London International Wine Fair at Olympia 15-17 May with Greece at centre stage – excellent location of Greece’s pavilion. That was the 41st live edition and very well organised in the iconic Great Hall of Olympia – which is in total renovation…
The event included 80 sessions and on stand activations and nearly 400 exhibitors! Wine is a Hellenic thing… bless Dionysus!
The Global Conference of the IMO Women in Maritime Associations, under the theme “Mobilising networks for gender equality” on 18 and 19 May – an all two-day event at the Main Hall.
Four well construed panels of speakers from all over Planet Ocean as well as a couple of individual presentations including that of WISTA International president Elpi Petraki…
On day two (19th) we had at Committee Room 9 an excellent panel too as well as, after the coffee break the Development of a draft Global Strategy for the IMO WIMAs.
Interesting deliberations. Excellent skills by IMOs Mariana Noceti who moderated the two day event! (see picture above)
On the 18th of May we also had down town in the heart of the Square Mile, at Trinity House, the International Women in Maritime evening with a super panel under the theme “Empowering Women in Maritime: Unlocking Opportunities and Driving Change” moderated by Sue Terpilowski OBE and well directed by Monica Kohli, WISTA UK president.
On the 18th of May …we also had the European Capital of Culture at the Hungarian Embassy’s auditorium off Trafalgar Square; a great introduction for three unique cities: Veszprém near Lake Balaton (Hungary) Timisoara (Romania) and Elefsis, Greece.
The three Ambassadors, Ferenic Kumin – host (Hungary), Laura Popescu (Romani) and Yiannis Tsaousis (Greece) were present. Excellemous!
Unfortunately, due to delays and traffic as well as the fact that all three events on the 18th of May where starting at the same time in the evening, we missed the “Disruptive Trends Transforming Payments – a Regulatory Perspective” at London’s Hellenic Centre, timely organised by the Hellenic Bankers Association; we will revert on this soon.
Have a nice evening and weekend, but continue to remain on guard from actions emanating from Pirates – still around, Terrorists – again still around, Criminals and any Business Hooligans whatsoever wherever you are on Planet Ocean. A big THANKS to all still fighting the Coronavirus anathema – still with us, despite what politicians and their cronies say. Let us work collectively and restart Planet Ocean, now in debt over US$ 405 (four-hundredandfive) trillion!!! We are in Recession and together with Inflation the situation will hurt all of us!!!