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The plunge in the Baltic Dry Index says more about overcapacity in the tanker industry than the...
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Thursday, February 3, 2011, 3:25 PM ETThe plunge in the Baltic Dry Index says more about overcapacity in the tanker industry than the direction of the world economy. A JP Morgan analyst sees demand for space growing at a healthy 8.1% this year, but capacity growing even faster. BALT -0.5%. DSX +0.7%. SEA +0.04%.
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These do not simply match the Dry Index. Also, larger tanker companies often have much of their fleets on chartered longer term rates, meaning that spot rates are not a factor for those companies.
Several of the ship brokers publish weekly reports that are vastly more informative than watching a graph that only charts a handful of companies. There is also what I feel is a better index for tankers:
www.riverlake.ch/reti....
Cargo and dry bulk shipping are still at a large over-capacity. There was also a recent failure of a large Korean shipping company, which does affect numerous other companies. Find the news sources, investigate companies individually, and then make more informed decisions.
Disclosure: long Frontline (FRO), General Maritime (GMR), and Torm (TRMD)