Is The Baltic Dry Dead Cat Bounce Over?
After the longest consecutive decline in the BDIY plunged the Baltic Dry shipping index to record oversold levels, the subsequent 200 point jump was sufficient for many to say that the next dry bulk shipping renaissance has arrived. Alas, the latest inflection point is here, a mere two weeks since the lowest point in years, coming before the index could even reach the psychological barrier of 2,000. The BDIY has now reversed its two weeks of gains, dropping 0.7% from 1,977 yesterday, to 1,963 earlier, with a drop in all three index rates: capesize, panamax and supramax. Is this the beginning of the second leg down in the BDIY?