BDI fell for 10 consecutive days (with photos)

The Baltic Dry Bulk Freight Index (BDI) fell for 10 days in a row. Last Friday, it reported 2444 points, down another 0.7%, and fell by 18.4% on the 10th. This was mainly due to no recovery in demand for iron ore during the Mid-Autumn Festival and the Mainland.

The Capesize Freight Index (BCI) reported 3,121 points, a 0.5% increase, and the spot daily rent was 29,002 US dollars, a slight decrease. The Panamax Shipping Freight Index (BPI) was reported at 2,902 points, down 1.6%, and the spot daily rental was 21,840 US dollars. The Surrey Shipborne Freight Index (BSI) reported a loss of 1.6% to 1,879 points, and the spot daily rental was 19,644 US dollars.

According to news from the London Ship Brokers, based on the positive Mid-Autumn Festival holiday last week, the charter markets in China, Japan and South Korea were unusually quiet. The freight rates of the main Cape-Australs route from Australia to China dropped in recent days, and forward freight agreement (FFA) rents The level is also decreasing.

Although BDI fell for 10 days in a row, the rent for the Capesize vessel finally picked up on Friday. London’s shipbrokers also failed to determine whether the dry bulk carrier’s rents had bottomed out. Even though the US Gulf of Mexico had more cargo demand as expected, the supply of ships exceeded demand and Panamanian boat rentals failed to stop the decline. The broker said that China's order to suspend production of some inefficient steel mills is part of the five-year energy saving target. Even if the short-term energy-saving plan is currently in the final stages, it will have a profound impact on the dry bulk carrier market that depends on iron ore trade.

In another news: According to information from London on September 24, the dry bulk freight index of the Baltic Trade Exchange declined for the 10th consecutive trading day on Friday, as demand was limited by Asian holidays, but traders said that rising coal prices may imply support. market.

The Baltic Dry Index fell by 0.69% or 17 points to 2,444 points, the lowest level since August 13. The index has fallen by 18% in this decline. The index measures iron ore, Transportation costs for goods such as cement, grain, coal and fertilizers.

Traders said that the main reason for negative sentiment is the low demand during the long holidays in China.

“The market as a whole was quiet this week due to market holidays in China, Japan, South Korea and Taiwan,” said Fearnleys in his research report for the week.

Despite the existence of bearish sentiment, there are also growing signs that the market may turn for the better.

A coal trader stated that "coal is one of the most important products for cargo transportation, so if coal prices continue to rise, we may see freight rates rise."

Arctic Securities pointed out in a research report that "freight is unlikely to decline further."

The Baltic Freight Index for the Capesize started rising on Friday, up 0.55% or 17 points to 3,121.

The Baltic Panamax freight index fell 1.59% or 44 points to 2,719 points.

The Supper-Ship Freight Index fell by 1.57% or 30 points to 1,879 points.