Dry bulk freight rates hit 23-month lowDry bulk freight rates hit 23-month low
The dry bulk shipping market has continued its miserable start to 2025 falling to its lowest levels in nearly two years.

The benchmark Baltic Dry Index (BDI) dropped a further 69 points on 23 January to slump to 824 points, representing its lowest levels since February 2023. The BDI, published by the Baltic Exchange. is down 17.35% since the start of the year.
Weakness in the market is being driven by Capesizes and the Baltic Capesize Index (BCI) 155 points on 23 January to 1,081 points.
According to rates published by the Shanghai Shipping Exchange (SSE) rates for 180,000 dwt Capesize on China/Japan Pacific round voyage stand at just $5,089 per day. Rates for iron ore from Brazil to China stand $17.60 per ton.
In a report issued on 21 January Breakwave Advisors noted that seasonality was impacting the market with limited cargo volumes observed at the start of the year. Cyclones in West Australia had shut ports for several days while heavy rains had disrupted exports from Brazil.
West African activity and bauxite cargoes were noted to remain robust, however the report commented, “Without the contributions of major players like Australia and Brazil, the dry bulk market is likely to continue operating at relatively subdued levels until the stronger spring season emerges.”
Breakwave noted the market is in its historically weakest part of the year.
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