The Baltic Dry Index remained flat during March and April, however real demand grew 20.9% in March. Of the top performers, iron ore
grew 36% and agricultural demand grew 29%. In fact, nearly all the main cargo groups had double digit growth. Much of this bounce back
was due to the usual Chinese New Year lull in February. For example, Iron ore exports were 93 million tonnes from 74 million tonnes in
February which is an increase of nearly 20 million tonnes. Brazil’s iron ore exports were at 29 million tonnes. That’s the highest volume since
November last year after they had difficulties with flooding earlier this year.
Indonesia bounced back very strongly in March 36 million tonnes of steam coal exported after their export ban in January. That exceeds any
other of their monthly exports last year.
The soybean season returned in March with the Brazil exporting 15.9 million tonnes. That’s compared to 15.4 million tonnes compared to
the year before.

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