The Baltic Dry index was around 2700 points in November compared to approximately 1200 points this time last year. Interestingly dry cargo in November was only up 3% compared to the previous year. This points to higher fleet employment pushing up freight rates.
Dry cargo demand fell for three months in a row from September to November, (3%, 2% , 2%) so adding those together is 7%. There is traditionally a seasonal dip around this time of the year, so we don’t see an easing in demand as significant.
Agricultural demand grew by 2% in November but it was being held back by soya beans which is now in the prime US season. They exported 6.1 million tonnes in November compared to 10.5 million tonnes this time last year.