The dry bulk shipping market entered the traditional peak season in the third quarter. Driven by the capesize vessel, the Baltic Dry Index (BDI) rose for 4 consecutive days.
On July 26, BDI rose by 11 points to 3,210 points, an increase of 3.09% month-on-month, setting a new high in the past 10 years. Among them, BCI rose by 35 points to 3950 points, an increase of 1% from the previous month, reaching the highest level since June 29. BPI fell 15 points to 3513 points, down 0.4% month-on-month, and the lowest level since June 23. BSI rose by 12 points to 2883 points, or a month-on-month increase of 1.02% to 2871 points.
The daily chartering price of bulk carriers has stabilized at more than US$30,000. Among them, the average daily profit of capesize vessels jumped by US$286 to US$32,755, the average daily profit of panamax vessels fell by US$137 to US$31,619, and the average daily profit of handysize vessels rose by US$136 to US$31,713. The daily chartering price of Panamax and Handysize vessels both hit a record high in the past 10 years.
Analysts pointed out that under the influence of typhoon In-Fa, the shipping schedule may be delayed for nearly a week. There are currently as many as 565 ships in Chinese ports, of which 270 are bulk carriers. Australian mining companies are worried that the subsequent available capacity will be limited, so they took the lead in chartering ships as early as last week, which promoted a sharp increase in the freight rates of capesize vessels.
The bulk carrier companies said that benefiting from the peak export season of grains and the revitalization of the economy and expansion of domestic demand by governments of various countries, the shipping market continued to recover momentum. In the first half of the year, the BDI index rose 2.28 times compared with the same period last year, the demand for coal, grain and steel increased, and the BDI index is expected to continue to rise in the second half of the year.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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