THE DRY CARGO market is proving as strong and as volatile as expected. For over five months now, capsize earnings have constantly been above the astonishing level of 60,000 dollars. It has been as high as 95,987 and now stands at a solid 77,000 dollars. Volatility is also high, since passing through 60,000 dollars five months ago, the daily average change in the capsize index has been more than 1,100 dollars. By comparison, the 2002 was 120 dollars. As we have been arguing for quite a while now, we see no fundamental reversal in the market balance. If anything, it will be the contrary. We therefore maintain our view that the market will stay very high and very volatile at least through this year, probably beyond.
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