Seeking Alpha

Dry bulk shippers lower as capesize rates slide

  • Dry bulk shippers are smacked following a sharp decline in capesize shipping rates for a third consecutive day.
  • Overnight, capesize rates fell 4.2% (or $1,598/day) to $36,425/day and have dropped 14% (or $5,786/day) in the last three days; panamax rates fell 0.3% (or $48) to $14,388/day, while supramax rates rose 0.9% (or $100) to $11,279/day.
  • The Dry Bulk Index fell 2.1% (or 43 points) to 2,003 overnight, but has doubled since Aug. 12, led by capesize rates which have climbed 245%, largely driven by higher iron ore shipments to China out of Brazil and Australia (Briefing.com).
  • Earlier: Wells Fargo cautious on recent dry bulk rally.
  • FREE -7.2%, DRYS -5.5%, SBLK -4.8%, EGLE -4.3%, SHIP -3.8%, BALT -3.1%, DCIX -2.6%, DSX -2.7%, GNK -2.6%, SB -2%, PRGN -1.2%, SINO -0.8%, VLCCF -0.5%, KEX -0.1%.
  • ETF: SEA.
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