The dry bulk shipping market has continued its southward plunge into territories unknown with the Baltic Dry Index (BDI) falling below 300 points on Thursday.
The Baltic Dry Index (BDI) is closing in on just 300 points as the run-up to Chinese New Year puts dry bulk freight rates under further pressure.
“When there’s blood on the streets, it’s time to buy, even if the blood is your own,” shipowner Leon Patitsas rather enigmatically told this week’s Marine Money conference. Dry bulk, he said was “a screaming buy” with asset prices so low that the bargains were too tempting to let pass.
The Baltic Dry Index (BDI) resumed falling on Tuesday to slump below 350 points for the first time.
Indian shipowner Mercator Ltd is quitting dry bulk and planning to try and sell its stake in its ailing Singapore-listed subsidiary.
In the most torrid two weeks to 2016 imaginable the Baltic Dry Index (BDI) has fallen nearly 22% since the start of the year.
The Baltic Dry Index (BDI) has fallen over 10% in the first week of trading in 2016 with a successive series all time lows.