Dry-Bulkageddon: Baltic Dry Index Falls Another 11 Points to New Record Low of 383, Capesize Average Spot TC Rates Dip Under $3,000

Thursday January 14, 2016

Another day, another new record low for dry bulk; The Baltic Dry Index Thursday fell 11 points to 383, making it eight consecutive sessions of record lows for the sector's key barometer.

The index has now fallen 19 percent in 2016, and fallen every day so far this year.

On Thursday, average spot TC rates fell to $2,941 per day for capesizes, $3,103 per day for Panamax, and $4,202 per day for Supramax.

Other than mounting even more pressure on dry bulk players, 2016's catastrophic rate fall is also complicating matters for bunker suppliers.

"Providing credit to dry bulk so they can buy bunkers is just getting incredibly difficult now," Adrian Tolson, Senior Partner at 20|20 Marine Energy, told Ship & Bunker today.

Last year was a historically bad year for dry bulk, and while some had hoped 2016 would see the first signs of recovery, the worsening markets are not a surprise for everyone.

In November Ship & Bunker reported that Allied Shipbroking Inc (Allied) warned things were going to get worse for the sector before there was any real improvement.