MARITIME ALLIANCES AND EU COMPETITION LAW

107 DOMINANT POSITION AND ABUSE INDICATORS IN LINER SHIPPING In this context, the above chart 127 shows the fluctuations of the Baltic Dry Index (BDIY); a composite from various dry bulk time charter averages. This kind of “correlation effect” resulted in the rise of rates within a very short period of time. For example, demand did not grow in 2001 although 2001 was followed by an extraordinary boom – significantly higher than the expectations of most industry experts – following the global recession. In 2012, demand had collapsed and in September 2012, the BDI was at an all-time low. 128 We believe the EU’s policy must focus on supporting the European fleet against natural and inherent market threats that are self-regulating properties. It is dif- ficult to establish a solid dominant position when the index spans from the peak of 11,793 points (May 2008) to the lowest level of 290 (February 2016). Currently, amidst the COVID19 crisis the rates again hit bottom (411 points). 129 The HARPEX 130 index shows a similar image. In figure 8, the 10-year index of freight rates in container shipping reflects significant volatility ( n.b. In September 2012, the market was at its lowest levels), while the complete picture of 20 years reveals patterns based on maritime cycles (see Figure 9), with the exception of the temporary of the world growth (the period prior to the 2009 crisis). Other than that, the freight rates of the twenty-year period witness a downward trend. 127. The chart is obtained by Bloomberg’s website. It shows the 35-year development of the Bal- tic Exchange Dry Index (BDI). The BDI is an indicator that provides an assessment of the rates of moving the major raw materials by sea. Taking in 23 shipping routes and measured on a timecharter basis, the index covers Handysize, Supramax, Panamax and Capesize dry bulk carriers. 128. See www.bloomberg.com/quote/BDIY: IND. 129. Figure 8 ibid. 130. The “HARPEX” Shipping Index, published by “Harper Petersen & Co – Shipbrokers”, tracks weekly container shipping rate changes in the time charter market (for 6-12 months fixtures) for eight classes of container ships (700 - 8500 TEU). <harpex.harperpetersen. com/harpexVP.do> [accessed 28 Feb. 19].