Baltic Dry Index Drops to 1,034 Points
Baltic Dry Index (BDI) has fallen for the eleventh straight session marring its recovery trend from March this year. The index is now at 1,034 points, down by 39 points.
This is a considerable fall from the 1,282 point mark BDI passed on March 27, 2017.
Cape index had the worst decline this week having dropped by 126 points, reaching 1,542 points. The Panamax index recorded a drop of 44 points stopping at 1,096 and the Supramax index was down by 14 points now standing at 835 points.
Average daily earnings on Wednesday, May 3, for Capesizes stood at USD 11,840, falling by USD 758. The Panamaxes earned USD 8,806 while Supramax rates stood at USD 9,207 down by USD 356 and USD 143 respectively.
The latest downward trajectory of the BDI is in line with BIMCO’s forecast on the sector’s outlook, according to which for the market’s recovery to be meaningful, full year profits for all dry bulk segments should be maintained.
That would require a full year where the average BDI is above 1,280 points, according to BIMCO.
World Maritime News Staff