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rffrydr
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 Posted: Fri Sep 23, 2011 8:26 am Post subject: |
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In fitting form, up at highs as iron-ore falls off. Do NOT use this as an indicator.
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rffrydr
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| Posted: Mon May 16, 2011 7:44 am Post subject: |
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Shaken....and broken:
A moment’s silence, please, for the Baltic Dry Index. For much of its 26 year-old history, the BDI – a compendium of freight rates for shipping iron ore, coal and grain – was considered a vital indicator, to be tracked as closely as gold, WTI crude or the US Ted Spread. Since the crisis it has steadily fallen out of favour, as the supply of ships of all sizes has consistently outstripped demand. This year’s developments, however, may have fatally wounded its credibility.
Consider the market for the largest, Capesize vessels (so called because they are too big for canals and must round the capes). Since July 2009, these kilometre-long monsters have been dispatched from shipyards at a rate of 15 a month, increasing the capacity of the global fleet at an average annual rate of 20 per cent. Charter rates have responded. Since February, hiring a Capesize has been significantly cheaper than hiring a Panamax, which has about half the capacity. Prices have been inverted like this in the past, but never for this long. The result is that the composite index now bears little relation to anything. So far this year the BDI has shown an almost perfectly negative correlation with iron-ore import prices in the northern Chinese port of Tianjin.
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rffrydr
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| Posted: Tue Sep 14, 2010 10:39 am Post subject: |
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rffrydr
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rffrydr
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HenryTo
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| Posted: Sat Feb 27, 2010 11:22 am Post subject: |
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Morningstar on the dry-bulk shipping industry:
http://news.morningstar.com/articlenet/article.aspx?id=327421
| Quote: | | Dry-bulk shipping stocks remain some of the most volatile names in our coverage universe, as evidenced below by Capital Link's dry-bulk equity index, a composite of 14 U.S.-listed shipping companies. The industry has underperformed the S&P 500 (gaining 52% from March 2009 lows compared with a 64% climb in the broader market), but we don't believe the names we cover are particularly cheap. |
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rffrydr
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rffrydr
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rffrydr
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| Posted: Tue Jun 23, 2009 6:56 am Post subject: |
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*MAERSK LINE CHIEF EXECUTIVE EIVIND KOLDING SPOKE IN INTERVIEW
*MAERSK SAYS 2009 CONTAINER MARKET TO DECLINE AT LEAST 10%
*MAERSK SAYS CONTAINER VOLUMES FELL 15% IN FIRST 5 MONTHS
*MAERSK LINE `DISAPPOINTED’ WITH MAY, APRIL CONTAINER VOLUMES
*MAERSK LINE WILL HAVE `SUBSTANTIAL’ LOSSES IN 2009, 2010
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rffrydr
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rffrydr
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| Posted: Sun Feb 15, 2009 9:35 am Post subject: |
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Thank China...AND thank japan for getting this going again.
http://tinyurl.com/c8z7vw
First real foray of chinese banking into traditional financial sphere (n.b. Lloyds). Maybe will increase their confidence in the Ping An moves etc.
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rffrydr
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rffrydr
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| Posted: Sat Jan 17, 2009 7:07 pm Post subject: |
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The moral is the economy or it the Letters of Credit?
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HenryTo
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| Posted: Sat Jan 17, 2009 1:05 pm Post subject: |
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Shipping rates now effectively at "zero":
http://www.telegraph.co.uk/finance/4229198/Shipping-rates-hit-zero-as-trade-sinks.html
| Quote: | Shipping journal Lloyd's List said brokers in Singapore are now waiving fees for containers travelling from South China, charging only for the minimal "bunker" costs. Container fees from North Asia have dropped $200, taking them below operating cost.
Industry sources said they have never seen rates fall so low. "This is a whole new ball game," said one trader.
The Baltic Dry Index (BDI) which measures freight rates for bulk commodities such as iron ore and grains crashed several months ago, falling 96pc. The BDI – though a useful early-warning index – is highly volatile and exaggerates apparent ups and downs in trade. However, the latest phase of the shipping crisis is different. It has spread to core trade of finished industrial goods, the lifeblood of the world economy.
Trade data from Asia's export tigers has been disastrous over recent weeks, reflecting the collapse in US, UK and European markets.
Korea's exports fell 30pc in January compared to a year earlier. Exports have slumped 42pc in Taiwan and 27pc in Japan, according to the most recent monthly data. Even China has now started to see an outright contraction in shipments, led by steel, electronics and textiles.
A report by ING yesterday said shipping activity at US ports has suddenly dived. Outbound traffic from Long Beach and Los Angeles, America's two top ports, has fallen by 18pc year-on-year, a far more serious decline than anything seen in recent recessions. |
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rffrydr
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| Posted: Tue Dec 02, 2008 12:05 am Post subject: |
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American General says there's three years worth of shipments back from Iraq--maybe a selective pick here in the clobbered shippers.
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