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Star Bulk Carriers Corp. Message Board

  • keebonthekontrarian keebonthekontrarian Jul 27, 2012 7:52 PM Flag

    Wells Fargo on dry bulk

    July 24 --
    Dry Bulk: Rates Continue To Soften Despite Solid Iron Ore Demand.
    While Chinese iron ore fixtures increased by 5% w/w to their highest level since
    March, Capesize spot rates fell by 10% w/w to $5,300/day as the oversupply of
    tonnage was able to absorb the uptick in demand. Panamax and Supramax spot
    rates fell by 4% and 7% w/w to $9,200/day and $12,500/day, respectively, even
    as South American grain fixtures increased by 4x and Indonesian coal fixtures
    increased by 18% w/w. We continue to expect the oversupply of tonnage keep
    dry bulk rates under pressure over the near-to-intermediate-term, with the high
    probability of near-term restructurings potentially keeping equities under
    pressure.

 
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