The Baltic Dry Index has remained strong this year compared to the long history but down compared to last year. This is mainly due to the
effects of a global ression induced by inflation. Iron ore and coal has been struggling as a direct result of Covid
19 Chinese lockdowns. There is a definate underperformance in China seen in the graphs on page 2.
Agriculture trade could have been a lots worse had it not been for soya beans which is performing stronger than usual. Fortunately bauxite
trade has been stronger this year which provided support for capes while the iron ore has been struggling.
Vessel utilisation has been declining from a peak in April. The Supramax and Handysize vessels have seen a sharp drop in utilisation for June.
This is likely as a direct result of some of the trades disappearing from the Black sea, in favour of longer hall voyages from the US. However,
some Black Sea routes are now returning.

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