Dry bulk market bounces back

The Baltic Dry Index managed to recover some of its losses, by the end of the previous week, regaining some ground.

Friday it gained another 100 points to finish the week at 3,583 points, down from the high of 4,291 points, reached just 10 days ago. According to Weberseas latest weekly report, “the indices continued their slide for the best part of the week however, by Thursday it was evident that this downturn would be short lived as the caper and panamax indices moved upwards and continued with strong gains on Friday. Even though on a week-to-week basis all of the indices were in the red the market is showing resilience in that downturns are short lived” the broker said. Another indication of the dry bulk market faring better is the number of transactions moving forward in the sale & purchase market for second hand vessels. According to brokers, there is an abundance of purchase enquiries, not to mention deals going through. “No matter what vessel is placed in the market for sale there are now buyers enquiring, inspecting and offering and more and more owners are taking this opportunity of capitalizing and cashing-in at ever increasing price levels” said Weberseas.

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