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BDRY - What Oil Prices Imply For The Breakwave Dry Bulk Shipping ETF And The Baltic Dry Index
Breakwave Dry Bulk Shipping
I recently published an article explaining why I think IMO 2020 could imply higher shipping rates and a higher price for the Breakwave Dry Bulk Shipping ETF (BDRY). In this article, I provide projections for BDRY price based on statistics and oil futures prices. Though the price has appreciated greatly over the past month, I find the latest closing price of $17.20 is still about 18% to 20% undervalued.
Methodology
Shipping rates are based on supply and demand. However, because of lead times required in ship building, the supply of ships is highly