www.TheSeaNation.gr

Weekly closing 2176. W-O-W market is almost ''boiling'' all around and especially USG/USEC as far as Pmaxes, Supras and Handies are concerned.US Grains to fareast are now above usd55 pmt and no doubt Capesizes are leading the rally. Iron ore chrrs/shippers ( Brazilian/Aussie and S.African) are keen to cover their stems before the holidays, but have seen today ''a profit taking'' in FFA contracts. Two main reasons for this rally. Indonesia's sudden export limitation in coal/iron ore/sand, and stable commodity prices. Additionally, after long time of Tankers VLCCs sailing in dodlrums, current Meg/Feast earnings are in excess of usd50,000 daily.

On the Newbuilding front, owners are hungry for fresh orders in various fareastern yards and rapidly chasing to board the train. That is no good at all as vessels' oversupply increasing again. Fundamental analysts were expecting a bad market during 2nd half of this year, and a rise during 2nd half of 2014. Once more they were wrong as far as timing is concerned. Would be extremely funny if happens completely the opposite (lets dont hope so). Bankers/Financiers operating foreclosured vessels, although keep a big smile, seriously thinking to start disposing their tonnage, in order to minimize their huge losses during the last 5 dark years. TECHNICALLY: Index approaching strong resistance level of around 2200 and if strong momentum continues, same could be penetrated shortly.Next couple of weeks market's performance would be very interesting to notice, and acknowledge any ''pattern recognition'' inside the chart . Region around 1480 became now the first strong support.

Stelios Lazaris, md Maritime Investments A.G. Zurich