Baltic Tanker Indices: Week 44 technical commentary

We’re kicking off our Baltic tanker commentary with the above photo of the Shell turbine tanker ‘Hemitrochus’ (UK flag) working her way through a heavy swell sometime in the 1960s or 70s; notice her propeller spinning clear. If anyone has a location and date for this photo, please feel free to contact us.

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CLEAN TANKERS

Following some months of reasonable stability in the Clean Tanker Index,a couple of upward excursions in the last two to three months both collapsed back to previous levels, marking some firm support around the 500 level.

In Week 44 we saw a small bounce off the 500-ish mark, and a bearish-looking crossover of the MACD in Week 42 was confirmed.

This recent MACD motion might indicate some firmer resistance just above current levels, and possible travel in the 500 – 600 range for a while. The RSI is more or less neutral at this point, and we’re keeping an eye on our lower support target in the 450 area.

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DIRTY TANKERS

The Baltic Dirty Tanker index has found itself in a fairly tight range over the past three weeks, after an aggressive hop upwards from a rest around 775.

At 914, the Dirty Index is now at levels not seen since late 2016,
and our RSI is also in the same peakish zone. Recent activity suggests possible support in the 740 – 775 range, with a possible upper resistance target in the 1000 region.

The MACD is bullish though lagging now, and whether the index takes a reach towards that 1000 level remains to be seen.