Project Description

The Baltic Dry Index has remained strong this year compared to the long history but down compared to last year. This is seen in an easing in
iron ore, coal and agriculture. 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 struggling with very low levels in May. The Supramax and Handysize vessels have seen a sharp drop
in utilisation for May. 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.

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