Market Surprise

Market Surprise
Published: 11 December 2003

The dry bulk markets are back on a strong trend, after having taken a short breath during the first weeks of November. Thermal coal demand and a renewed interest in vessels taken for periods are part of the explanation of this unexpected rise. The BCI and BPI have regained some of the ground previously lost, with a rise of respectively 263 points at 6249 and 383 at 4443 points. Rates for periods are now back to their third highest level of the year, with some Panamax vessels reported above US$30,000/day for 12 months. HandyMax and Handysize tonnage have also benefited from slightly firmer conditions.