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Baltic Dry Index reaches new low due to weak capes, but panamaxes rallying

The Baltic Dry Index (BDI) has reached another all-time low, falling 5 points to 468, due to weak chartering activity in the already depressed capesize market.

The Baltic Capesize Index was assessed at 462 points today, a decrease of 10 points on yesterday’s level, but still a little ahead of its record low of 311 points, recorded on January 9, 2015.

The all-important Western Australia to Qingdao, China (C5) route for iron ore was today assessed at $3.198 per tonne – its lowest level since July 1999, according to Baltic Exchange data.

In the spot market, Rio Tinto is reported to have fixed China Bulk’s capesize CS Salubrity (180,300 dwt, built 2014) to carry a 170,000-tonne cargo from Dampier in Western Australia to Qingdao at just $3.15 per tonne (laycan January 16-20) – a new record low for reported fixtures on the route.

In the timecharter market, Cargill is today reported to have fixed ER Schiffahrt’s capesize E.R. Boston (179,400 dwt, built 2010) on a trip charter for just $3,000 daily, delivering at CJK in Shanghai for a prompt trip via West Australia, redelivering in China.

Meanwhile, panamax bulk carriers are faring a little better. The Baltic Panamax Index has continued its slow but steady rally, climbing 2 points to 466 today. The index has climbed or remained static each consecutive trading day since December 10.

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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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