Bluto Blutarski on the Baltic Dry Index
Holy Ship! Holy Ship!
We've been watching the Baltic Dry Index (BDI) plummet for a while now. Paul Kedrosky put up a nasty BDI chart today.
Click here for another "7 years of college wasted chart".
More importantly, how can global shipping be so lousy while Canadian National Railway Company (TSX:CN, NYSE:CNI) announces news like this? Either their business slows down shortly or we'll see large piles of commodities piling up at the ports.
In the third quarter, CN posted revenue gains in five of its seven commodity groups, with coal leading the way, followed by metals and minerals, "intermodal" container shipments, petroleum and chemicals and, lastly, automotive. Shipments of forest products dipped slightly, as did loads of grain and fertilizers, based on revenue. Mr. Mongeau estimated the impact of reduced diesel prices and a lower loonie could contribute 10 cents a share to CN's fourth quarter profit.
We'll be hearing results from Canadian Pacific (TSX:CP, NYSE:CP) on October 28th which might provide more insight. They were still shipping potash as of yesterday.
We've been watching the Baltic Dry Index (BDI) plummet for a while now. Paul Kedrosky put up a nasty BDI chart today.
Click here for another "7 years of college wasted chart".
More importantly, how can global shipping be so lousy while Canadian National Railway Company (TSX:CN, NYSE:CNI) announces news like this? Either their business slows down shortly or we'll see large piles of commodities piling up at the ports.
In the third quarter, CN posted revenue gains in five of its seven commodity groups, with coal leading the way, followed by metals and minerals, "intermodal" container shipments, petroleum and chemicals and, lastly, automotive. Shipments of forest products dipped slightly, as did loads of grain and fertilizers, based on revenue. Mr. Mongeau estimated the impact of reduced diesel prices and a lower loonie could contribute 10 cents a share to CN's fourth quarter profit.
We'll be hearing results from Canadian Pacific (TSX:CP, NYSE:CP) on October 28th which might provide more insight. They were still shipping potash as of yesterday.