Ton Mile Trader

Baltic Indices
BDI  3230 up 20
BCI   3723 up 44
BPI   4013 down 31
BSI   2587 up 35
BHSI  1303 up 11

Omar Nokta, Pride of the Aggies:  Dry bulk spot rates steadier today. Activity levels remain high and overall rates are little changed this morning. We are seeing continued time charter activity with two modern Supramaxes fixed for 1 year each at $24,000/day and $23,000/day. Also a resale Supramax was fixed for 4/6 months at $25,000/day. Based on these charter levels, it seems that resale Supramax values can continue to rise beyond the current $34-$36 million level….Chinese rebar prices are up $4/ton to nearly $560/ton. Rebar prices have been flat for several weeks despite rising spot iron ore prices, which has kept a lid on Capesize rates…Should rebar continue to make gains, we expect Capesize rates to push higher.

Dry FFAs  - firm rebound on good volume

              Spot                               Q2 FFA       
Cape:  35469 up 425                  37000 up 3000
PM:     32274 down 255             29750 up 1500
SM:      27049 up 367                 25750 up 1500