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Capesize rates plunge 15% as BDI nears 400 points

Capesize rates plunge 15% as BDI nears 400 points
The Baltic Dry Index (BDI) closed in on the 400 points level on Tuesday as capesizes plunged 15%.

As dry bulk shipping’s disastrous start to 2016 the BDI fell 13 points to just 402 points. The drop in the index was led by capesizes with the Baltic Capesize Index (BCI) falling by 15.2% to 266 points.

The capesize spot TC average was just $3,261 per day, dropping some $333 on the previous day.

So far this year the BDI has fallen by 15.9% consistently setting new lows.