The Baltic Dry Index fell to 2,852 points, its lowest since August 21, driven by decreased demand for Capesize vessels on October 12.
The Baltic Dry Index (BDI), one of the key indicators of the international dry bulk shipping market, continued its decline due to a decrease in demand for Capesize-type vessels. On Monday, October 12, the index lost 65 points, falling to 2,852 points, marking its lowest level since August 21.
According to Baltic Exchange data, the main index reflecting developments in the freight markets for Capesize, Panamax, and Supramax vessels ended the day with a loss of 2.23%.
The Capesize index fell by 4.42%.
The weakening demand for Capesize vessels, which are used for transporting bulk cargoes such as iron ore and coal, was the primary reason for the decline in the index.
The Capesize Index (BCI) fell by 192 points, a decrease of 4.42%, dropping to 4,148 points. Thus, the index reached its lowest level since the end of July.
The average daily earnings of Capesize vessels, which typically carry around 150,000 tons of cargo, also decreased by $1,745, falling to $34,115.
Earnings for Panamax vessels increased.
In contrast to the decline in the Capesize segment, there was a limited increase in the freight market for Panamax-type vessels.
The Panamax Index (BPI) rose by 8 points, an increase of 0.33%, reaching 2,432 points.
The average daily earnings of Panamax vessels, which generally carry coal and grain loads between 60,000 and 70,000 tons, increased by $75, rising to $21,888.
The Supramax index also increased.
The Supramax Index (BSI), which encompasses smaller-tonnage dry bulk vessels, reached 1,821 points with a 7-point increase. The daily rise in the index was recorded at 0.39%.
Thus, while the Capesize segment of the dry bulk market declined, limited increases were observed in the Panamax and Supramax segments.
Fluctuations in iron ore prices.
Iron ore prices also exhibited a volatile trend on Monday.
Expectations that Chinese steel producers would replenish their stocks after a week-long holiday supported prices, while the anticipation of increased supply in the market exerted pressure on prices.
Baltic Exchange data revealed that the main index in dry bulk shipping has fallen to its lowest level since August 21.
Source: SeaNews Türkiye
