Baltic Dry Index Makes First Positive Move in 2016

by Ship & Bunker News Team
Friday February 12, 2016

The Baltic Dry Index (BDI) rose 1 point Friday to 291, representing the index's first positive movement so far in the 2016 year.

The index, after remaining flat on Thursday following 12 consecutive days of new record breaking lows, was finally buoyed Friday as a result of a 94 point gain on the average spot TC rates for Panamax vessels, which rose to earnings of $2,597 per day.

However, average spot TC rates for both Supramax and Capesize vessels continued on a downward trend, with each falling to $2,544 per day and $2698 per day, respectively.

Despite the overall gain, analysts consensus today was that the imbalance of supply and demand for the sector is likely to keep it under continued pressure.

Last month, Ship & Bunker reported that the historic collapse in dry bulk had been called the sector's worst crisis in living memory.

Earlier this week, Khalid Hashim, CEO of Precious Shipping Public Company Limited (PSL), offered a hopeful outlook for dry bulk, saying "BDI will not push much lower than where we are today and will remain range bound within 350 to 750 points for the better part, or all, of 2016."