The Baltic Dry Index broke through the 2,000 barrier yesterday for the first time since January 2014, continuing its impressive climb having hit lows of 596 points in February.
The BDI closed on 2,011 points yesterday, mainly driven by strong demand for capes to shift Vale’s iron ore from Brazil. Vale is busy getting its mines back on track after a dire start to the year with multiple accidents.
Capes are now trading on the spot market for in excess of $30,000 a day, climbing by more than $10,000 in the space of just 10 days. Panamaxes are above $16,000 a day with supramaxes also posting significant gains in recent days.