On December 15, the benchmark Baltic Dry Index fell to yet another all-time low at 484 points, its lowest level since January 1985 and the third record low in a month. BDI is most watched measure of rates for hauling commodities and the plunged to a fresh record reflects persisting glut of ships amid speculations of continued weakening of Chinese steel output which translates into declining imports of iron ore
As on December 15th 2015
Baltic Dry Index (BDI) – 484 (-36% YoY)
Baltic Capesize Index (BCI) – 623 (+37% YoY)
Baltic Panamx Index (BPI) – 411 (-50% YoY)
Baltic Supramax Index (BSI) – 449 (-49% YoY)
BDI is a number issued daily by the London based Baltic Exchange. Not restricted to Baltic Sea countries, the index provides an assessment of the price of moving the major raw materials by sea. Taking in 23 shipping routes measured on a time charter basis, the index covers Handysize, Supramax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain. On 20 May 2008, the index reached its record high level since its introduction in 1985, reaching 11,793 points.
Because dry bulk primarily consists of materials that function as raw material inputs to the production of intermediate or finished goods, the index is also seen as an efficient economic indicator of future economic growth and production.
The BDI number is below profitability for engaging in the trade, experts say, leaving owners with unpalatable choices: cold stacking their ships, selling them for fire sale figures, or taking older vessels to the shipbreakers for scrap at low and falling scrap prices.
(Source: Assorted with Steel Guru, December, 15, 2015)
As on December 15th 2015
Baltic Dry Index (BDI) – 484 (-36% YoY)
Baltic Capesize Index (BCI) – 623 (+37% YoY)
Baltic Panamx Index (BPI) – 411 (-50% YoY)
Baltic Supramax Index (BSI) – 449 (-49% YoY)
BDI is a number issued daily by the London based Baltic Exchange. Not restricted to Baltic Sea countries, the index provides an assessment of the price of moving the major raw materials by sea. Taking in 23 shipping routes measured on a time charter basis, the index covers Handysize, Supramax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain. On 20 May 2008, the index reached its record high level since its introduction in 1985, reaching 11,793 points.
Because dry bulk primarily consists of materials that function as raw material inputs to the production of intermediate or finished goods, the index is also seen as an efficient economic indicator of future economic growth and production.
The BDI number is below profitability for engaging in the trade, experts say, leaving owners with unpalatable choices: cold stacking their ships, selling them for fire sale figures, or taking older vessels to the shipbreakers for scrap at low and falling scrap prices.
(Source: Assorted with Steel Guru, December, 15, 2015)
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