www.TheSeaNation.gr

Weekly closing 1671. Capesizes are continuing their dramatic decline. FFA contracts for November taking a massive hit, losing USD 9k and currently marked at around USD 21k. Panamaxes decline tends to become impulsive, while on the contrary Supras' condition is not bad at all , followed by handies who are quite stable with almost no volatility at all. (Quite the opposite than the Capesizes where their volatility is an extreme one).The 2nd attached chart shows all vessels' type day tc equivalent in USD.

Technically, strong resistance around 2200 level and initial support around 1600 level where there are two indicators inside the chart, (the light blue line which is called ''Tenkan sen'' and its a part of Ichimoku cloud, and the light red line which is the 200 moving average).

Mark this level (around 1600). In case we take the average vessels' value from 2008 collapse until today, all kind of vessels' type and size are almost at their BREAKEVEN LEVEL, as far as their daily operational costs are concerned but INCLUDING LOAN. T4 at current levels market is considered healthy and Bankers are not pushing.

Secondary support is around 1370 level where the existing GAP situated and for time being is the eventual target. Major support is far away at least for time being, (around 900) where the Ichimoku cloud appears and repeat, once more, that market would not be considered bearish if price is above that cloud.

Another positive thing is that ''Ichi cloud'' is on an ascending mode. Statistically, seasonal factors are now against us and usually market faces serious drop during DEC/JAN each year, but same happened during the last years, when market was extremely bearish, which is not now the case.

Stelios Lazaris, md Maritime Investments A.G. Zurich