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Baltic Dry Index hits 500 points as upturn continues, more period fixtures too

The Baltic Dry Index (BDI) has climbed by 13 points from Tuesday and was assessed at 500 points today, its highest level since December 14.

The Baltic indices for all bulk carrier markets showed continued growth today, particularly the panamax and capesize indices, which grew respectively by 23 and 11 points from Tuesday’s level.

The period market also saw a rare capesize fixture, concluded at roughly a 51% premium on what the vessel could be earning in the spot market right now.

Brave Maritime’s cape Brave Argentina (177,700 dwt, built 2010) was fixed for six to eight months to an unreported charterer at $6,100 daily, delivering in Qingdao between April 14-16.

The Baltic Capesize Index’s weighted TCA spot rate was today assessed at $4,027 per day, a $187 increase from Tuesday.

For panamaxes, spot rates continue to be buoyed by active chartering activity, particularly for cargoes from east coast South America.  Rates for trans-Atlantic voyages from Gibraltar/Skaw (P1A_03) today saw the biggest rate increase – some $387 – and were assessed at $5,505 per day.

The Baltic Panamax Index’s weighted TCA spot rate was today assessed at $4,940 per day, up $180 from Tuesday and its highest level since November 4, 2015. The rate bottomed out at $2,260 per day on February 1 and has been climbing steadily since then, albeit with some volatility.

Daily rates in the panamax spot market continue to offer a discount to those in the period market, but spot market rally has led to a spate of short-term period fixtures, all for roughly six-month terms.

Today, Kmarin’s panamax AMS Pegasus I (81,598 dwt, built 2012) was reported fixed on a four- to seven-month timecharter to Ultrabulk for $5,500 daily. The ship will deliver in Kwangyang in South Korea bewteen April 12-14.

Brokers also today reported that on Monday Doun Kisen’s panamax Ikan Kerapu (78,020 dwt, built 2015) was fixed to Cargill for five to seven months, also for $5,500 daily. Delivery is scheduled for between April 8-10 in Chiba, Japan.

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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