London: The Baltic Dry Index is expected to cross the 4,000 mark today for the first time since November on the back of strong iron ore restocking by steel mills in China. The BDI closed yesterday at 3,914. All bulker sectors have reported strong growth in rates this week, led by capesizes which have surged 26% in the past week.
Fearnleys most recent weekly comment noted that for fronthaul, cape rates improved to mid 30s earlier this week. These relatively strong numbers are well supported by an active short period market improving from mid 30,000s to close to mid 40,000s in one week. The main drivers this time is as always the FFA market, along with more coal cargoes from the Atlantic to the Far East. [14/05/10]
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