DNB: Exaggerated dry bulk downturn

The supply of dry bulk vessels is far from as excessive as indicated by the low spot rates in the first half of 2015, notes Norwegian bank DNB in a remarkably positive comment on Tuesday.

Spot rates for the large Capesize dry bulk vessels continue to improve. Most recently yesterday, Monday, when the rates climbed nine percent to USD 17,162 per day, and the benchmark bulk index Baltic Dry has now almost doubled since May, to 1,151 points, from the low-point of 589 points three months ago.

The improvement in the dry bulk index is primarily driven by Capesize, where spot rates in the same period have increased by more than 300 percent, notes DNB Markets in a memo on Tuesday.

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