Commodity Online Report

The collapse of the Baltic Dry Index by 60% in just 35 days and recovery by just 8% thereafter has been attributed to the economic slowdown in the US, Europe and China. The Baltic Dry Index (BDI), representing freight rates that transport iron ore, coal, cement and grains, is already down almost 40% year-to-date, while Capesize vessels, hauling the most tonnage of the dry bulk fleet, have fallen by nearly 60% this year. The average spot earnings achieved on Capesize ships crashed from almost $55,000/day at the start of June to just $9,300/day in mid July. Full report here