The Baltic Dry Index (BDI) has reached another all-time low level for a third consecutive trading day, falling 22 points to 445.
The index began its record-low rout on Tuesday this week, when it reached 468 points, before falling to 467 on Wednesday.
The capesize segment has been largely responsible for the BDI’s decline. The Baltic Capesize Index was assessed at 399 points today, a decrease of 68 points on yesterday’s level, but still a little ahead of its record low of 311 points, recorded on January 9, 2015.
Major benchmark routes for capesize vessels carrying 160,000-ton cargoes have reached their lowest levels seen in 14 to 16 years.
The all-important Western Australia to Qingdao, China (C5) route for iron ore fell by $0.132 on yesterday’s level and was today assessed at $3.168 per ton – its lowest since July 1999, according to Baltic Exchange data.
Similarly, the Tubarao to Rotterdam (C2) route fell by $0.533 and was today assessed at $3.161/ton, the lowest level seen since July 1998.
The Tubarao to Qingdao (C3) route reached $6.365/ton today, down $0.310 on yesterday. The last time the route reached a price this dire was in late December 2001.
Panamaxes had been rallying slowly but surely, with the Baltic Panamax Index sustaining steady growth each consecutive trading day since December 10, reaching 466 points on Tuesday. The rally came to an end on Wednesday, when it contracted by 2 points and today it fell by a further 14 points to be assessed at 450.
