The Baltic Dry Index (BDI) on Tuesday fell under the 688 mark, dropping 3 points on the day to 685, continuing a significant reversal in gains made since August.
On Monday, Baltic Dry Index (BDI) fell under the 700 mark, dropping 14 points to 688.
In terms of average TC spot rates, the Capesize segment sunk $555 Monday to earnings of $4,808 per day; for comparison, at the end of January Capesize earnings sat at $8,318 per day.
However, average TC spot rates in both the Panamax and Supramax segments grew slightly Monday to reach earnings of $7,563 per day (+$7) and $7,065 per day (+$43), respectively.
Having reached 1,257 points on November 18, 2016 – the highest the index had been since November 2014 – the BDI has now lost an overall 569 points.
Still, as reported last month, some experts suggest that the recent decline in rates will likely mark the low point for the year, holding fast to earlier sentiment that the worst has passed for the dry bulk shipping sector.
The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.
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Source: Ship & Bunker, DryShips Inc
