The Baltic Dry Index (BDI, Financial), a key indicator tracking shipping costs for dry bulk commodities, fell to 1,627 points, marking its lowest level since November 11, 2024. This represents a decline of 7.35%, the largest drop since January 10, 2024, marking a second consecutive day of decreases.
The index's decline is driven by weakened demand across all vessel segments. The Panamax Index (BPI) dropped by 2.58% to 1,171 points, while the Capesize Index (BCI) saw a significant drop of 11.20% to 2,808 points. Additionally, the Supramax Index (BSI) decreased by 0.99% to 999 points.
Capesize vessels, which typically carry around 150,000 tons of cargo such as iron ore and coal, saw their average daily earnings fall by $2,929 to $23,291. Meanwhile, Panamax vessels, which usually transport 60,000 to 70,000 tons of coal or grain, experienced a decrease in average daily earnings by $285, reaching $10,536.
On a related note, iron ore futures rose for the second day, reaching a one-week high due to a weaker U.S. dollar and restocking efforts by Chinese steel manufacturers to maintain production levels for January.
