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."
