Baltic Dry Index went down last week after two-year record high indicator
Last week Baltic Dry Index lost 109 points to 1215 points (-8.23%). After reaching the two-year record high at 1338 points two weeks ago, BDI went down. The pressure came from the large tonnage transportation sector by Capesize-type vessels, reports UkrAgroConsult.
Last week Capsize Index lost 18.8%. This situation was triggered by the reduction in trading activity in the large-tonnage shipping sector in the Atlantic basin. Due to the cyclone in the northeast of Australia, there were interruptions in metallurgical coal supply for exports to the country's ports. The force majeure caused 32% rise in prices per day for coking coal.
Panamax Index stayed afloat. This was facilitated by the harvesting season in Brazil and subsequent cargo shipments to China. According to brokers, in the months ahead, the demand for grain transportation should increase.