Baltic Dry Index plumbs new depths

Baltic Dry Index plumbs new depths

The Baltic Dry Index (BDI) has reached a new all-time low for a second consecutive day today, falling 13 points to 471 caused mainly by the sustained rout in the capesize market.

The Baltic Capesize Index was assessed at 549 points today, a decrease of 74 points on yesterday’s level.

Rio Tinto is today reported to have booked an unnamed cape to carry ore from Dampier to Qingdao (laycan January 3-7) for $3.35/tonne, which is a new all-time low on this route.

Rates for voyages carrying ore on the Western Australia to China run peaked at around $50/tonne in June 2008, later falling to a historic low of $3.85/tonne in December that year, a record that was broken yesterday and again today.

In the timecharter market, Phaethon has reportedly fixed Noble Group’s capesize Aqua Vision (180,353 dwt, built 2011) from Lianyungang via West Australia redelivering in China for a measly $3,500 daily.

Meanwhile, panamax bulk carriers are faring a little better. The Baltic Panamax Index has continued its slow but steady rally, climbing 4 points to 415 today. The index has climbed or remained static each consecutive trading day since December 10.

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.

Related Posts