Hong Kong: As China takes the week off work (though SinoShip News will continue to bring you daily stories!) brokers anticipate the Baltic Dry Index (BDI) will head south this week. The BDI staged a recovery of sorts on Friday climbing 22 points to close on 766 points, still a perilously low number however.
Average daily earnings for capesizes were up 11.5% to $8,039, the highest in over eight months.
"With Golden Week upcoming in China next week, the market is likely to remain relatively quiet," Arctic Securities analyst Erik Nikolai Stavseth said in a note on Friday. "Some of the activity seen in the market over the past two weeks have been traders moving ahead of the holidays and have contributed to higher fixture levels," he said.
“Expect things to be very quiet this week, and unless we see some real meaningful and positive economic signs from China next week the BDI could be under renewed pressure in October,” one Hong Kong broker told SinoShip News over the weekend. The BDI has hovered around historic lows for much of 2012. [01/10/12]