It may be pertinent to point out that one of the major reasons for the approx. 90% deterioration in the BDI, late in 2008, was primarily the inability of shippers to obtain letters of credit, the means of financing shipping...
This lack of ready availability, plus the rampant dishonouring of existing LC's by various banks was probably more of a reason for the decline of the BDI than any perceived, or actual, diminishing of product requirement by refiners......
baltic dry still rising..up by 34 to 1070, page-3
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$43.08 |
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Mkt cap ! $218.4B | |||
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