The Baltic Dry Index has crossed the 400 point benchmark on Wednesday reaching 401 points, a threshold that was lost for quite some time now.
Only a month ago, the BDI fell below 300 points, plunging to a new low of 298 points on February 4, fueling further the agony of dry bulk owners desperate for market recovery.
The Capesize index was up 10 points reaching 196, followed by increase in both Panamax and Supramax indexes that were up by 3 and 4 points respectively, resulting in 458 and 468 points.
Average daily earnings for capesizes were up USD 11 to USD 2,005 and panamaxes rates rose USD 29 to USD 3,673.
Commenting on the recent upward movement of the BDI, Richard Greiner, Moore Stephens Partner said that better news lie ahead for the industry as the BDI gained over 100 points within six weeks of plumbing the depths.
“Moreover, there is a reasonable expectation that the approaching peak harvest season will bolster demand for ships to carry grain and other commodities on international trade routes. This should boost the BDI further and, while shrinking demand for raw materials from China will continue to have an effect, the world will always need shipping to move its trade staples,” he said.
World Maritime News Staff