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)
Full disclosure: Long $NAT as a drawer stock
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