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.
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Dry Bulk Market: Summertime Sadness
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.
Shipping’s China syndrome: Demand sinks across multiple cargo markets
Container export growth drops; imports of crude, iron ore, LNG under pressure
Cape depression likened to 2008’s plunge
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.
Panamax bulker rates gain 6.5% in a day as rest of dry bulk shipping falls back
The panamax bulker market had a good day on Tuesday thanks to supply constraints and grain expectations out of the Americas, while the rest of dry bulk shipping lost some ground.
Baltic sea freight index falls on lower capesize rates
The Baltic Exchange's main sea freight index snapped a three-session long streak of gains on Tuesday, due to a fall in capesize and supramax rates.