Analysts have forecast that future available capacity will be constricted, resulting in chartering ships early, raising Capesize freight prices, says an article published in Xinde Marine News.
BDI rates hits the record
The Baltic Dry Index (BDI) rose for four days in a row, pushed higher by the Capesize vessel, bringing the dry bulk shipping market’s peak season to 3,210 points, with the Baltic Dry Index (BCI) up 35 points to 3950 points. BPI dropped 15 points to 3513 points, up 1% from the previous month but down 0.4 percent month-on-month and at its lowest level since June 23. The BSI increased by 12 points to 2883 points, or 1.02 percent, from 2871 points in the previous month.
Chartering price into New Highs
The average daily profit of Capesize vessels increased by US$286 to US$32,755, the average daily profit of Panamax vessels decreased by US$137 to US$31,619, and the average daily profit of handy size vessels increased by US$136 to US$31,713.
The BDI index grew 2.28 times in the first half of this year compared to the same period last year, signaling a recovery of momentum as we approach peak season, which is likely to increase further in the second half of the year.
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Source: Xinde Marine News
