Ton Mile Trader

Baltic Indices
BDI  2715 up 30
BCI   3474 up 103
BPI   3141 up 32
BSI   2156 down 11
BHSI  1095 down 20

Jonathan Chappell’s 2010 Dry Bulk Outlook:  Although we forecast that capacity additions will outpace demand growth for a second consecutive year, our rate estimates for 2010 are not down meaningfully from 2009 levels as we expect very favorable comparisons in 1H10. Despite a weaker-than-expected start to the year, we believe that iron ore imports will accelerate following Chinese New Year as steel mills look to re-build inventories prior to new annual prices that will likely be up materially from 2009 levels. In addition, we look for coal…

Dry FFAs  - light volume

              Spot                               Q2 FFA       
Cape:   31889, up 1182              34250, up 250
PM:      25277, up 265                26250, up 500
SM:      22540, down 119            22250, up 250