Baltic Dry Index drops after 22-day rally

Baltic Dry Index drops after 22-day rally

Athens: After 22 days on the up-and-up, the Baltic Dry Index (BDI) today fell 18 points on yesterday’s level to reach 1,102 points.

Softening capesize rates are behind the fall, with the Baltic Cape Index falling 28 points on yesterday to 1,924 points, after three weeks of healthy chartering activity.

In the spot market, capesize timecharter average rates have fallen $478 on yesterday’s level, and were today assessed at $14,988 daily, according to Baltic Exchange data.

Panamax spot rates were assessed at $9,259 daily, a reduction of $139 on yesterday’s timecharter average rate. The Baltic Panamax Index lost 18 points over the same period and was assessed at 1,161 points today.

Meanwhile, Supramax spot rates have shown slight progress, growing $75 on yesterday’s level to $9,368 daily today. The Baltic Supramax Index has grown seven points to 896 points today.

Over the course of this month, the BDI has climbed 326 points from 794 points on July 1 to reach 1,120 points yesterday – its highest level since November 24, 2014.

The index reached its lowest ever level of 509 points on February 18 this year, before which it had been years since the index posted such all-time lows.

The index touched 554 points on four previous occasions on July 31, 1986, and August 4-6, 1986, back when it was known as the Baltic Freight Index.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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