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Baltic Dry Index Climbs To 1172, Up 25 Points: Capesizes’ Rally Continues Unabated

|Includes: DSX, EGLE, GNK, GOGL, NM, NMM, SB, Star Bulk Carriers Corp. (SBLK)

Today, Thursday, March 16 2017, the Baltic Dry Index climbed by 25 points, reaching 1172 points.

Capesize Commentary:
Another firm day on Capes with new highs notably on March $15250, April $17000, Q2 similarly reached $15250 at the morning peak but retraced to $14750 on close. Q3 v Q4 was active trading between -2900 to -2800.

Panamax Commentary:
We witnessed further declines today on Panamax paper as the build up of tonnage on TA / FH business brought with it another sharp decline in the index. This meant sellers continues to apply pressure to the front of the curve with April and Q2 sold off to $9650 and $9450 lows respectively before bouncing back at touch, leaving the prompt months looking relatively flat. Further out Q3 and Q4 tested $8300 and $9200 support but felt stable while Cal18 broke $9k support to print $8900.

Supramax Commentary
Supramax paper softened again today as we really lacked any bid support causing rates to slip throughout the day. Q2 was first trading $9100 and then eventually pushed below the $9000 barrier trading $8900. Index was up $4, as expected once again which led to no great changes during the afternoon. Have a good evening.

Handysize Commentary
Another quiet day on the Handysize paper with no reported trading. Have a good evening.

Disclosure: I am/we are long NMM.