The dry bulk sector's key benchmark has fallen every day so far in 2016
The Baltic Dry Index Friday fell 16 points to a fresh record low of 429.
The development means that, overall, the dry bulk sector's key benchmark has fallen every day so far in 2016, and set a fresh record low on four of the five reporting days of the year so far.
The index sat at 473, 468, 467, 445, and 429 on Monday, Tuesday, Wednesday, Thursday, and Friday of last week respectively - a decline of almost 10 percent over the 5 day period.
The previous record low was 471 set last month.
On Friday, average spot TC rates for capesize's had fallen to $3,818 per day, $3,466 per day for Panama, and $4,494 per day for Supramax.
Last week Ship & Bunker reported that the Shanghai International Shipping Institute (SISI) predicts a surge in bankruptcies within China's dry bulk shipping industry due to the current downturn.