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Dry bulk stands still

Dry bulk stands still
The Baltic Dry Index (BDI) began the new week, hot on the heels off of last week, showing more signs of a healthy recovery, although things aren?t that obvious.

The Baltic Dry Index (BDI) began the new week, hot on the heels off of last week, showing more signs of a healthy recovery, although things aren"t that obvious.

The Baltic Dry Index (BDI) began the new week, hot on the heels off of last week, showing more signs of a healthy recovery, although things aren"t that obvious. For instance, what"s been leading the index at this point is the panamax sector. The relative index ended the week with a huge increase of 688 points at 2,230, which represents an increase of around 45 percent. Overall, the BDI ended yesterday"s session up by 37 points at 2,262 points, with the capesize index failing to pick up once again, although the fall of 8 points is marginal. Overall, through last week, the Capesize Index has fallen by 4.2%, now standing at 2,831 points. According to market analysts, this is mainly due to Chinese iron ore buyers, which have left the market. One of the main reasons for that is the ongoing negotiations with Australian and Brazilian miners, who are seeking to avoid any price decreases, with the Chinese looking for a price reduction of at least 30%. With the market"s recent pick up in activity offering miners a negotiation card, the Chinese are now looking to turn the stakes in their favor, by limiting their purchases.

Smaller dry bulk carrier owners have been benefited from the rebound in demand. Panamax charter rates rose even more yesterday, surpassing the supramax average of $17,908, now standing at $18,562 (up by $696). The average capesize time charter rates stand at $28,382.

These signs of a firming market helped a pick up in activity in the second hand market as well. According to Webeseas" weekly report, the S&P market is currently dominated by a number of capesize sales at what are steady or increasing numbers. ?On the handymax bulkers we see constant buying interest for mid/late 90's units and we are reporting the sale of the M/V SPRING HAWK 46k/1998 blt Japan at a firm price of US$ 17.25 million. The sale of the M/V AMARANTH BRIDGE 46k/1996 blt Japan at US$ 15.70 million to Chinese buyers suggests that handymax prices are on an upward move if we compare this with the recent sales of the M/V ONDINA 48k/1996 blt Japan (sold for US$ 15 million end February) and the M/V JAG RIDDHI 47k/1997 blt Japan (sold mid February for US$ 15.70 million)? said Weberseas.

www.TurkishMaritime.com.tr

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