The carnage seen across the dry bulk sector passed another milestone on Thursday with the Baltic Dry Index (BDI) sliding below 700 points.
While January is rarely a good time for dry bulk the past month has been one of the worst on record. The BDI closed out January, sliding 53 points, to finish on 668 points.
A deadly broken dam at a Vale mine in Brazil has combined with cyclones in Australia and pig flu in China at a time where trading volumes were already under pressure. One owner contacted by Splash yesterday described conditions ahead of next week’s Chinese New Year as a “bloodbath”.
The all time low for the BDI was reached on February 10, 2016 when the index hit 290 points. With Chinese New Year next week the BDI is expected to slide further in the coming days.