Despite being not even two weeks into 2016, The Baltic Dry Index this year has now fallen 15 percent.
Despite being not even two weeks into 2016, The Baltic Dry Index this year has now fallen 15 percent - from 473 on January 1 to yet another record low of 402 on Tuesday.
Tuesday's 13 point decline means the sector's key index has fallen every day so far this year and been at an at-the-time record low on every day except January 1 - when it was 2 points above the record low.
On Tuesday, average spot TC rates for capesize's had fallen to $3,261 per day, $3,285 per day for Panamax, and $4,352 per day for Supramax.
In August, J. Lauritzen president and CEO Jan Kastrup-Nielsen warned that "if the dry bulk market is low for a sufficiently long period of time, then there will be no dry bulk carriers left: it's as simple as that."