The Baltic Dry Index (BDI) dipped two points today to reach 669, ending a rally seen every consecutive trading day since February 10.
The index has grown by 381 points during the 69-day period, reaching a five-month high of 671 on Tuesday.
The BDI’s blip was caused by the capesize market, which appears to be taking a breather after furious spot chartering activity and rising rates seen over the past couple of weeks.
The Baltic Exchange assessed rates on all benchmark capesize routes lower today. Rates on Brazil-China and Western Australia-China runs saw the biggest falls, as well as those for trans-Atlantic round-trips and voyages to the Far East from the Continent.
This resulted in the Baltic Capesize Index’s weighted timecharter average (TCA) rate being assessed at $279 lower than Tuesday’s level, reaching $7,745 per day today.
Meanwhile, the period market saw a rare capesize fixture today. Pan Ocean has reportedly fixed Pan Dream (175,043 dwt, built 2011) to Economou-led Classic Maritime for five to eight months at the respectable rate of $8,000 daily. The vessel will deliver to the charterer at Bayuquan, China at the end of this month.
The charter rate is a little ahead of brokers’ estimates for six-month capesize period contracts. London-based ship Alibra Shipping today says $7,300 per day for capes in both the Atlantic and Pacific basins.