Baltic Dry Index Edges Up to 396 as Players Prepare for Market Recovery

Persisting with its upward trend, the Baltic Dry Index climbed to 396 Tuesday.

Continuing with its recent upward trend, the Baltic Dry Index (BDI) Tuesday climbed to 396, as some market players expressed intentions of acquiring tonnage at 30-year low prices, to take advantage of an eventual recovery.

Increases in average TC spot rates were seen in both Capesize and Supramax segments Tuesday, which climbed to earnings of $2,211 per day and $4,514 per day, respectively.

Average TC spot rates for the Panamax segment experienced a slight fall to earnings of $3,859 per day.

While this latest rising run for the Baltic Dry Index, that began some five weeks ago, will undoubtedly be good news for the sector's players, it was less than four months ago that Index broke below 500 for the first time in it's history, highlighting just how far the market has yet to go before a recovery can be declared. 

Nevertheless, Seanergy Maritime Holdings Corp (Seanergy Maritime) was one of those with an eye on the future and looking to take advantage of the current environment.

"We firmly believe that current market conditions represent a unique opportunity to acquire quality tonnage at 30-year historical low prices. For that reason, we intend to pursue acquisition opportunities that we believe can further enhance value for our shareholders," Stamatis Tsantanis, Seanergy Maritime's Chairman and CEO, said in the company's latest earnings report released Tuesday.

"We believe that Seanergy is the right platform in dry bulk listed space for further fleet expansion in order to capitalize on the recovery of the freight market and asset values."

The news came alongside announcements by Taiwanese dry bulk carrier Wisdom Marine Group of separate deliveries of three new build vessels, including the 34,000 DWT MV Daiwan Justice and MV Daiwan Kalon, and the 84,000 DWT MV Sakizaya Glory.

The BDI has been making consistent gains since February, after having fallen to new record lows of 290.