When contemplating the, admittedly rough, start to the year, it is important to also reflect on how the previous year ended; in 2022, China managed a mere 3% growth in its GDP, registering one of its worst performances in nearly half a century and same was reflected on the Baltic Dry Index with its downward spiral carried over in 2023.
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Whether the strength can be maintained or is a short-term correction remains to be seen, but indicators are pointing towards positive momentum.
Baltic Dry Index drops to four-month low of 1,096 points as sentiment for the global economy weakens. Panamaxes lead fall as spot vessels struggle to find employment, followed by supramaxes and handysizes. Dry bulk markets are expected to remain weak until after the Chinese New Year.
No doubt the summer that sadly has come to an end was disappointing for most dry bulk shipowners that saw their daily earnings dropping steeply and witnessed the BDI at 2-year lows.
Container export growth drops; imports of crude, iron ore, LNG under pressure
From peak to trough, the current downturn in the capesize index has been described by analysts at brokers Arrow as one of the sharpest since 2008, the year big bulkers went from six-digit territory to loss-making in the wake of the collapse of the bank, Lehman Brothers.