Baltic Dry Index Falls to Fresh Record Low of 369, Panamax Rates Fall Under $3,000

by Ship & Bunker News Team
Monday January 18, 2016

There is still no let up in sight for the alarming slide in dry bulk rates witnessed so far in 2016, with the Baltic Dry Index Monday falling yet again to a new record low of 369.

The sector's statistics for the year so far make for sober reading; the Baltic Dry Index has fallen on every single one of the 11 trading days so far in 2016, and it has been at a record low for all but one of those, having started the year on January 4 at 473 - just two points above the at-the-time record low.

The Index has fallen 22 percent since then.

"It's difficult to believe the [Baltic Dry Index] was at 1,222 less than six months ago," an industry source Ship & Bunker spoke to today commented, who was referring to the Index's current 52-week high set on August 8, 2015.

On Monday, average spot TC rates fell to $2,730 per day for capesizes, $2,999 per day for Panamax, and $4,060 per day for Supramax.

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