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Chief execs confident in dry bulk recovery

After a miserable start to the year, the Baltic Dry Index soared to the highest level so far in 2019 this past month. But according to prominent dry bulk chiefs Robert Bugbee, Hamish Norton and Polys Hajioannou, the recovery has only just begun.

Photo: Chris Prevolos/Marine Money

2019 has at best been strenuous for the dry bulk sector so far, as factors like the accident at a Vale mine in January took many cargoes off the market and pushed rates to rock-bottom.

In the past month, however, developments seem to have turned around. Carried by increased capesize rates, the dry bulk index Baltic Dry has boomed since June, from just above USD 1,000 to currently USD 1,759 – the highest level so far this year.

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