August 2022

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29-August-2022

The Baltic Exchange’s Capesize 5TC (a spot-rate average across five benchmark routes) plunged 14.7% during the day to reach $5,636 per day. The Baltic Exchange’s Capesize 5TC is at its lowest point in more than two years, when it came in at $6,177 per day on 4 June 2020. Capesize bulk carrier freight rates plunged to a two-year low as China’s faltering real estate sector forces steel cutbacks. China’s steel production has fallen 6.4% for H1 2022. On 24 August 2022. Capesize bulk carrier freight rates plunged further as China’s hurting real-estate industry continues to put the brakes on turning iron ore into steel for construction.

28-August-2022

Capesize bulk carrier spot rates continue to plunge. However, China’s looming $1 trillion economic stimulus plan focused on infrastructure spending may boost the dry bulk shipping market. In Q4 2022, average capesize bulk carrier spot rates may reach $14,500 per day. The Baltic Exchange’s Capesize 5TC (spot-rate average across five key routes) plunged 46% over the past week to $3,413 per day. Currently, the Baltic Exchange’s Capesize 5TC is at the lowest figure in about 27 months. Furthermore, capesize bulk carrier spot rates reached their lowest point since May 2020.

27-August-2022

The average spot rate for handysize bulk carriers has plunged to its lowest level since February 2021. The average spot rate for handysize bulk carriers’ freight rates plunged 18-month low as the Atlantic market weakens. The Baltic Exchange’s Handysize 7TC (spot-rate average across seven key routes) dropped to $17,189 per day, marking the lowest level since it came in at $17,011 per day on 22 February 2021. The Baltic Exchange’s Handysize 7TC has been on a downward trend since mid-May when Handysize 7TC topped out at $30,004 per day on 16 May 2022.

19-August-2022

The Baltic Exchange’s Capesize 5TC (Spot-rate average across five key routes) plummeted 20% during the day to reach 7,188 per day. The Baltic Exchange’s Capesize 5TC plummeted below $8,000 per day for the first time since late January 2022. The Baltic Exchange’s Capesize 5TC plummeted due to China’s demand for iron ore staying soft. At the core of 2022’s weak demand for capesize bulk carriers has been the decline in iron ore trades. The economic stimulus from the Chinese government may increase capesize bulk carriers rates.

15-August-2022

The Baltic Dry Index (BDI) fell to its lowest level in a half year as holidays and low demand weighed heavily on dry bulk shipping. The Baltic Dry Index (BDI) which functions as a barometer for dry bulk market performance, plunged 5.3% over the past week to 1,477 points on Friday. The Baltic Dry Index (BDI) fell under 1,500 points for the first time it came in at 1,422 points on 7 February 2022. Capesize bulk carrier market resumes dwelling in the doldrums.