With the global economic outlook darkening and many trades constrained by geopolitical factors or inflation, dry bulk shipping has been faced with a rapid downward correction. Looking at index and earnings data in our market compass bar on the right-hand page, many readers must be rubbing their eyes: the Baltic Dry Index down by almost 38 % to its lowest in almost seven months, the time charter average of 180,000 dwt caper even 67% below its level one month back. On average, capes are netting $ 7,133 but in many trades it's much less - far below operating cost levels. Transpacific trips are currently rated at just 5,600 $/day. More worryingly, the much longer China-Brazil round voyage (100 days) only gets a tad more at 5,740 $, highlighting the depressed mood and expectations in the market.
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