shipping rates (1)

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Shipping Rates Increase; $BDI Wedge Breakout

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Having felt that BDI had bottomed and recommended accumulation here, here and here it appears that $BDI came back and tested prior breakout support.  Certainly a not unexpected move.  Now, breaking out of a falling wedge, I would imaging that lower area to be tested once more where I will add further to my position in the belief that the bottom is still in and they're finally able to increase rates.

  • Drybulk shipping rates continue to move higher, adding to last week's run as iron ore shipments out of Brazil and Australia pick up.
  • On Friday, drybulk rates as measured by the Baltic Dry Index rose 7.7%, capping a 31% gain for the week driven by strength across the board but mainly in Capesize and Panamax rates.
  • After beginning its ascent on July 23, the BDI has jumped 40%, rising in every session except one.
  • Last week, Capesize rates surged 65% to $15,561/day, Panamax rates climbed 29% to $6,397/day, and Supramax rates added 9% to $9,170/day. (courtesy of S/A)

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