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DryShips, Inc. Message Board

  • yabadabadoo360 yabadabadoo360 Oct 25, 2013 9:06 AM Flag

    Fri 10/25/13 shipping rates: BDI (-37); Capesize (-984); Panamax (-438); Suprmamax (+55)

    Capesize and Panamax continue their decline. Good PMI data in China the other day, and good Manufacturing data here in the US announced early this morning, so that's promising, but so far it's not enough to stem the downtrend in shipping rates. The question is whether the increased bulk purchases in China are over for the fall, or just pausing. Time will tell, but so far it's not looking good given that Oct and Nov are usually the strongest shipping rate months. DRYS is trying to hold the $2.80 support with this rally back up over it, but doubtful it will hold. Light technical support is at roughly $2.60, and the stock dropped as low as $2.70 yesterday. Strong technical support at roughly $2.30.

0.8989Aug 23 3:59 PMEDT