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Baltic Dry Index

BDI 1,498  +182

See how much the index has drop. 

 

BDI  9,147  +183

 

BDI 8,925  -214

 

BDI 9,139  -240

 

BDI 9,379  -210

 

BDI 9,473  +229

 

BDI 9244 +105

 

BDI 9139  -72

 

index is so called "dry" for a reason.... sooner later... many too will find pockets "dry-dry" like what happened in the last commodity boom.

 

BDI 9,211 -217

 

now 9646, it went down further...

 

thank you all for the news, no wonder all the shipping stocks drop... good info!

 

NEW YORK (Associated Press) - A key shipping index measuring drybulk vessel activity posted its largest one-day drop Thursday, dragged down as rates for the sector's biggest ships lost significant ground.

The Baltic Dry Index, which measures drybulk shipping rates on 40 routes across the world, sank 963 points Thursday to reach 10,142. The index had wavered, but remained above 11,000, since hitting an all-time high on May 20 of 11,793. The index, managed by the Baltic Exchange in London, had previously posted its biggest one-day skid of 443 points on Jan. 17.

The index's reading for Capesize vessels _ the largest drybulk carriers _ fell 16 percent. The average Capesize vessel now costs about $180,000 per day, compared with prices of more than $230,000 per day last week. Capesize vessels are so named because they are too big to fit through the Suez or Panama canals, and must instead sail around the Cape of Good Hope or Cape Horn to travel between oceans.

Cantor Fitzgerald analyst Natasha Boyden said in an interview the significant drop was the result of Chinese iron ore importers working through their stock piles of the commodity instead of bringing more into the country. With the huge demand for iron ore, steel and other commodities carried by drybulk ships soaring, Boyden said Chinese importers turned to their own supplies as ports clogged and drybulk rates skyrocketed.

But Fitzgerald noted that the Chinese only have about three to four weeks worth of iron ore stockpiled. After its resources are used up, Boyden said drybulk ships will again be in high demand to deliver goods to the country.

"This (pull back) is merely temporary," she said. "Painful, but temporary."

JPMorgan analyst Jonathan Chappell said in a client note that he expects the Baltic Dry Index to continue to fall through the third quarter, as the typically slow period will be compounded by an expected lull in trading around the Beijing Olympics and further draw downs of existing inventory by Chinese steelmakers.

Although drybulk's decline should not be as significant as the slip seen from November to January, Chappell suggests that investors hold off until a buying opportunity emerges in the fourth quarter.

In afternoon trading, shares of DryShips Inc. fell $6.44, or 8.3 percent, to $71. Navios Maritime Inc. lost 27 cents, or 2.8 percent, to $9.52, while Danaos Corp. gave up 70 cents, or 3 percent, to $22.83.

Genco Shipping and Trading Ltd. sank $4.51, or 7.9 percent, to $52.85. Diana Shipping Inc. pulled back $1.17, or 3.9 percent, to $29.

Excel Maritime Carriers Ltd. retreated $4.21, or 10.3 percent, to $36.60, and Eagle Bulk Shipping Inc. slipped $2.32, or 8.1 percent, to $26.21.Euroseas Ltd. fell 27 cents, or 2.1 percent, to $12.92

 

head n shoulder formed... heeh ... no problem to scoop low low

 

YES !! STX PO is coming down...come on babe !!! BBs pls bring it further down..hee

:P READY to SCOOP low low :D 

 

YZJ is a pure shipbuilding, i.e. it has no shipping biz...

 

however, there is always psychological influence when such index goes up and down. Idea is that when shipping co is earning big margin and there is good demand for shipping biz, it may result in demand for more ships to be built.

 

I thought YangZiJiang also impacted?

edcifer      ( Date: 23-May-2008 13:28) Posted: stx pan, courage marine

 

hee...can some1 pls SHORT down STX PO leh..so i can scoop low low :P

hee...

cheers!

 

BDI  10,142 -963-963963

 

stx pan, courage marine