Ton Mile Trader

Baltic Indices
BDI 
BCI   
BPI   
BSI  
BHSI 

Martin Korsvold:  Inventories of iron ore at Chinese ports are reported at 68,5 mill tons at the end of last week, up 0,85 mill tons WoW. The iron ore market posted a modest rebound last week with the spot price moving up ~5% to USD 125.9/pmt for 62% FE delivery CFR Tianjin, whilst the 2010 curve appreciated 4-5%. The rebound came on the back of higher activity ahead of the Chinese New Year holiday which starts at the end of this week. In addition there are rumors that the Indian government will increase the royalty on export ore to 15%, up from the 5% set in December. If true this would have a positive impact on the prices.

Dry FFAs  - light volume as prices sell off, though Capes currently have support at these levels

              Spot                               Q2 FFA       
Cape:                                       34750, down 1500
PM:                                          25750, down 750
SM:                                          21750, down 500