Global Macro Perspectives
Baltic dry index rose 7.7% last week; Capesize Index gained 12.5%; Panamax Index rose 11.4%; Supramax and Handysizes Indexes gained 0.9% and 3.3% respectively. Rates are rising a bit as some ship owners choose to anchor their ships rather than lose money on chartering them. Chinese iron ore and steel prices rose last week, bringing some optimism to the markets. […]
Floating at (a temporary) bottom… Chart 1. Baltic Dry Index
Not looking particularly strong… Chart 1. Baltic Dry Index
And the slide is over… Chart 1. Baltic Dry Index
Down only 0.5%. Chart 1. Baltic Dry Index
China Q2 GDP growth was reported at 10.3%, slowing down from Q1 growth rate of 11.9%. The slowdown came despite exports were stronger in Q2, meaning internal demand has weakened. Chart 1. China GDP Quarterly Growth¸ Urban fixed assets investments growth rate also slowed down to 23.5%. The May reading was at 25.9%. Chart 2. Fixed Assets Investment Inflationary pressures […]
As I wrote in Dry Bulk Weekly it appears that Chinese removal of steel export tax rebates is a complete game changer for the industry. The slowdown in Chinese iron ore imports is easing port congestion which tied approximately 20% of the world fleet a few weeks ago. The port congestion has since then eased by […]
Again down… Chart 1. Baltic Dry Index
China new loan issuance for June was at 603 CNY billion. In May the issuance was at 639.4 CNY billion. Chart 1. China New Loans
China trade balance was reported at USD 20.0 billion vs. USD 19.5 billion in May. Export and import growth were running at 43.9 and 34.1 percent. The imports are slowing down, I would say that will mean lower exports further down the road. The accumulated surplus is now at USD 55.8 billion vs. USD 97.4 billion for […]
Housing and commercial real-estate prices in China rose 11.4% in June compared with of 12.4% rise in May. It’s slowing down…I don’t understand spinning this as positive by mainstream media. Chart 1. China NDRC Property Price Index – House Price YoY
Again down… Longest loosing streak in nine years. Chart 1. Baltic Dry Index
Baltic dry index fell 16.6% last week; The hardest hit were Panamaxes with 20.6% loss; Capesizes lost 20.0% ; Handysizes and Supramaxes lost 10.3% and 8.9%. Chinese tax rebates on hot-rolled coil and some cold-rolled coil and galvanized products will be removed starting July 15. This makes Chinese steel exports uncompetitive and it is moving the markets. Chinese steel […]
Again down… Brake-even for shipowners is around 2.200, so most of of the shipping companies are losing money at this levels. Chart 1. Baltic Dry Index
Another move to the downside. Chart 1. Baltic Dry Index