I’ve given up on this index as a leading indicator of anything but it’s probably worth noting that the Baltic Dry capesize component rocketed the most ever yesterday, from Bloomie:
Daily rates for Capesize vessels hauling about 160,000 metric tons of the commodity jumped 38 percent to $12,580 today, according to the Baltic Exchange in London, a shipping bourse tracking freight rates on more than 50 routes. The advance was the biggest in percentage terms in data starting in March 1999. Costs climbed by more in dollar terms in December.
…“We’re seeing an increased push towards Chinese volume being shipped,” Alex Gray, chief executive officer of Clarkson Securities Ltd., a unit of the world’s biggest shipbroker, said by phone. “That’s what’s driving us upwards at the moment.”
Meh.
