Turbulence in Maritime Freight Rates: Baltic Dry Index Plummets 6.1% in a Single Day

Weekly Decline Exceeds 30%, Marking the Steepest Drop Since 2008

Baltic Dry Index

In the maritime sector, the Baltic Dry Index (BDI), a key indicator reflecting bulk shipping freight rates across 23 maritime routes, experienced a notable decline of 94 points, equivalent to a 6.1% decrease on Friday, January 12th, bringing it to a level of 1,460 points. This represents a staggering weekly downturn exceeding 30%, marking the most substantial drop since 2008.

Specifically, the ‘capesize’ segment, encompassing vessels capable of transporting up to 150,000 tons of commodities such as iron or coal, witnessed a substantial retreat of 10.4%, translating to a 252-point decrease, settling at 2,172. Weekly metrics reveal a remarkable 43% slump, marking the most pronounced decline in the past 11 months.

In contrast, Panamax vessels, catering to the transport of cargoes ranging between 60,000 and 70,000 tons of coal and other bulk goods, experienced a marginal 0.8% contraction during the last trading session, shedding 11 points to reach a total of 1,410. On a weekly scale, a 15% reduction has been recorded.

Daily revenues for ‘capesize’ vessels hovered around $18,015, while Panamax vessels fetched $12,693.

Turning to the Supramax segment, a decrement of 20 points was observed, bringing the index to 1,088. Weekly statistics indicate an 11.5% decline, with no instances of positive sessions since December 5th. This downward trend underscores the challenging conditions persisting in the maritime freight market, posing significant economic implications for industry stakeholders.

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