The average of the BDI last year was 2,758 up by 5.4% on the 2,617 of 2009. In terms of performance by sector Capes (BCI) fell 16.5% to 3,480 from 4,172, Panamaxes rose to 3,115 from 2,405 up 29.5%, Supramaxes (52kdwt) rose to 2,148 from 1,658 up 29.6% and Handysize (28kdwt) rose from 788 to 1,124: up 42.6%.

So one could argue that the “best” performance last year was achieved by the smallest sizes as they saw the biggest percentage increase.

However this assumes that all sectors move in perfect harmony and there is no lead or lag between them. In terms of earnings the Cape average over the year was $33,298 (2009: $42,657), Panamaxes were $25,041 ($19,295), Supramaxes $22,456 ($17,338) and Handysize $16,427 ($11,342). Secondhand ship prices meanwhile averaged $57.37m for a five year old Cape (+$5.66m +11%); $38.14m for a similar aged Panamax (+$6.38m +20%) and $30.85m for a 52kdwt Supramax (+$4.12 +15%). So Cape earnings fell, on average, by some $9,359 pd but the asset value of the same ship rose by $5.7m. Clearly the question of which ship category performed “best” in 2010 is a question of perspective and subjectivity.