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2009-6-10 09:17:00 a.m. HKT, XFNA
DJ MARKET TALK: HK Dry Bulkers May Fall; BDI Set To Fall More-CS
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| 0911 [Dow Jones] HK drybulk shippers may extend recent decline, after Baltic Dry Index ended down 3.5% at 3,518 Tuesday, with BDI in 4-day losing 18.0% streak. "With the 3Q09 freight futures tumbling sharply by 37% from the peak last week, we think the BDI is poised to fall further," says Credit Suisse. Keeps bearish view on sector and expects BDI to fall back to industry break-even levels (over 2,000) based on industry oversupply. Keeps Underweight on Asia drybulk shipping sector. Yesterday, China Cosco (1919.HK) ended down 3.1% at HK$9.68, Pacific Basin (2343.HK) down 3.9% at HK$5.16.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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