Another Historic Day for Dry Bulk as Baltic Dry Index Falls to 298

by Ship & Bunker News Team
Thursday February 4, 2016

In late November the Baltic Dry Index (BDI) made history when it fell under 500 points for the first time ever, and a little over 2 months later, today dry bulk's key barometer has fallen underĀ 300 points.

The BDI Thursday sankĀ 5 points to a new record low of 298.

Average spot TC rates fell to $2,743 per day for Capesize bulkers, and $2,837 per day for supramax ships.

Average spot TC rates for Panamax rose $39 to $2,314 per day.

The Baltic Dry Index has still failed to record a single day of gains in 2016, and has fallen to a fresh record low on every trading day this year bar two.

The question that everyone is asking is, just how low can rates fall?

Well, good news is hard to find in the current market, but if there is any positive it is that, in the run-up to Chinese New Year, this is typically a quieter period.

Whether or not there is any improvement later in the month will be a huge comment on where the bottom might be.