Good Morning Superior Maritime.
Looking at the numbers out of London this morning the Capes continue to climb. The BCI 5TC jumped over 9% with routes C8 14 up almost 19% and C 16 up just over 13%. The BDI has now risen above 900 gaining over 4% on the day. Some of the larger brokerage desks express strong sentiment in the Cape space citing a potential increase in miner output that should tighten available tonnage. Our friends at Arctic Securities suggest the recent uptick in Capes has put a floor on asset prices that will further confound owners struggling with the scrapping decision.
Average of the 4 T/C routes is around $13,300 per day.
Average of the 5 T/C routes is around $14,350
BPI T/C routes are averaging just under $5,400
BSI T/C routes are averaging just over $6,900
BHSI T/C routes are averaging around $6,000
Dry Bulk Futures:
Our good friends at FIS tell us the paper market (FFA’s) is firmer, led by the Capes while expecting the Panamax curve to trade up modestly, and the Supra/Handy to be flat to moderately up. CAL17 futures are now trading at $7,600 for the Capes after gaining 2.3% today.
All in all, a welcome spike for the big ladies in an otherwise flat/weak dry bulk market.