The capesize market took a hammering throughout the week as the lack of cargoes and tonnage oversupply problem persisted. The under-pressure capesize market pulled the Baltic Dry Index (BDI) to a five-month low at 1,139 points, down 25 points day-on-day at Thursday, 18 January 2018.
In a year that has apparently seen good trade recovery in Europe, the port of Antwerp hit record freight volumes for the fifth straight year in a row in 2017, handling 223.61m tonnes of freight, 4% higher than the year before.
Profit-taking and cyclones have summed up the freight market this week. First, the shippers’ profit-taking continued into the week ended on 12 January 2018 and saw the capesize paper market ventured into the red.
Happy New Year to all. The Baltic Dry Index (BDI) closed at 1,262 points on Wednesday, up 32 points, seeming to extend the course of dry bulk recovery in 2018. New Year optimism some may say, but the high dry bulk index finds its backing on the robust capesize rates.
The year seems to be ending on a high note with the latest Moore Stephens Shipping Confidence Survey noting that shipping confidence held steady at its highest rating in the past three-and-a-half years in the three months to end-November 2017.
Capesize paper rates were pushed to a week-low on Wednesday despite a steady start but finally gave way to selling pressure. As such, January capesize paper saw numerous trades at $18,500 level before slipping to $16,875, down $2,200 day-on-day.
It was a roaring month with freight rates hitting higher notes and saw the Baltic Dry Index (BDI) reaching a new high. By Wednesday, the BDI climbed to 1,536 points, up 30 or 1.99% day-on-day, inching toward the peak of 1,588 recorded in the late October.