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Dry Bulk Index Drops 43% In A Month

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Bespoke Investment Group has an interesting chart on the Baltic Dry Index (BDI).

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According to FT, the drop is due to an anticipated increase in the number of available ships through fresh deliveries.

The fall has brought average Capesize charter rates down from $32,889 on December 12 to $13,386 on Wednesday, below many owners’ total operating and financing costs.

Apart from that, iron ore shipments have fallen after a Brazilian company stopped shipping ore due to heavy rainfall, and Australia had trouble with loadings after a tropical cyclone.

Do any of the Indian shipowners – Varun Shipping, Essar Shipping and SCI – own dry ships? Will be interesting to find out.

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