The Baltic Exchange Dry Index slipped to its lowest level since late January 2009, as vessel earnings for all bulker sizes slumped simultaneously. Since then, Panamax earnings in particular have strengthened, with some upward movement also returning to the Supramax and Handysize markets. In the Capesize sector, however, earnings remain depressed with a relatively small uptick lifting the 4 TC average to a meagre $6,623/ day from a 26-month low of $4,977/day on 7 February. The trough in the Capesize market is all the more striking given record Chinese iron ore imports of 69.0 Mt in January, driven in part by stockbuilding ahead of higher 2q contract prices. That Capesize vessel earnings remained mired in the weakest market since the 4qO8 collapse is a reflection of (1) extraordinarily rapid newbuilding deliveries and (2) weakness in trade volumes elsewhere.
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