And the Wharf Rat says…

In last week’s “Wharf Rat,” a shipping bulletin written by Urs Dür of Lazard Capital Markets, a different view of BDI was posited. Mr. Dür suggests that investors may be focusing too much on the BDI, which represents only the dry bulk spot market, not the term dry bulk charter market. “While estimates vary greatly, approxi-mately 25% – 40% of the dry bulk fleet is operating spot at any one time…. Thus when BDI moves up or down, it has no near-term impact on the term charter (contract) market for dry bulk ships.”

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