Baltic Dry sees first reversal since January 20

As predicted, after a 17-day winning streak in which the index rallied by 136%, the Baltic Dry Index fell 3.2% yesterday and is back below 2,000 for its first daily decline since January 20th. Even after the decline, the index is still up 200% from its low of 663 back in December. Iron ore stockpiles in China have leapt in the past five weeks and steel prices are beginning to wane suggesting the dry bulk surge has come to an end, something borne out by the softening FFA market.