Baltic Dry Index in Recovery Mode

After plunging to unprecedented low levels at the beginning of the year, the Baltic Dry Index is en route for recovery based on the latest figures.

Namely, the BDI stood at 565 points last week.The rebound has been driven by strong vessel demand from the sector, Reuters reports, pushing daily rates for Panamaxes to USD 4,706, up by USD 37 and Capesizes by USD 6 to USD 4,768.

Average daily earnings for Supramax vessels stood at USD 5,916 up by USD 51, whereas Handysize vessels gained USD 51 reaching USD 5,107, according to Reuters’ data.

The composite of the Baltic Capesize, Panamax, Handysize and Supramax indices fell in February to 522 amid low demand for dry cargo shipping, especially from China.

The plummeting of the BDI has seen earnings dwindle across the board, resulting in almost nonexistent interest in the newbuilding market.

The number of dry bulk newbuilding orders placed in January 2015 was down 78% when compared to 2014, with only 17 new bulkers ordered, Greek shipbroker Golden Destiny said in a report.

This is a huge drop when compared to figures from the same period in 2014, when 76 orders were recorded.

According to Golden Destiny, China remained the leading dry bulk shipbuilder, with 10 new bulk carriers ordered in Chinese yards, although this was down 32% from December and down 78% from January last year.

Seven orders were placed in Japanese yards in January, the same as in December, the shipbroker said.

World Maritime News Staff

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