In the normally slack period run-up to Chinese New Year the BDI lost a further points on Thursday to hit 298 points, an all time low unthinkable even two months ago in December 2015.
Both capes and supramaxes were down with on panamaxes moving positively with Baltic Panamax Index (BPI) up five points at 289 points.
The scale of the damage this is doing to dry bulk shipping companies was revealed by Western Bulk, which is in the process of selling its chartering division to its investment fund parent.
Western Bulk Group started 2016 with $48.6m in free cash, a number that had been fairly consistent through Q4 2015, but by 22 January this year had just $25.3m. Even without its chartering arm the company estimated its core Western Bulk Shipholding would be running at a cash burn rate $4m - $5m per month.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
