China Merchants Energy optimistic on dry bulk despite BDI record

The owner's optimism despite a record index suggests confidence is tied to specific trade flows rather than the headline number. Long-haul demand for Capesizes and the cited cargo origins point to supply-side constraints or route dynamics as the key support. The open question is whether these drivers, notably Australian iron ore and West African bauxite shipments, remain robust enough to offset any seasonal or demand-side softening.