The Baltic Dry Index (BDI) was trading at around ~990 points (USD) on March 1st, 2023 versus 1,720 points on December 21st, 2022, ~1,904 points (USD) on October 12th, 2022, ~2,145 points on July 20th, 2022 and versus ~3,253 points on May 25th, 2022, ~1,644 points on January 19th, 2022, ~2,300 points on December 22nd, 2021 and vis-à-vis ~3,350 points during November 2021. That level compared to the 4,050-4,060 pts of October 27th, 2021 and to a trading level of around 5,380 pts on October 13, 2021. The above also compared to the trading level of 4,962 pts at the end of September 2021.
Concerning the period before that, the Baltic Dry Index traded at around 3,650 points in the middle of August 2021 versus 3,281 points on August 4th, 3,058 points on July 21st, 3,179 pts on July 5th, 2021, and 2,420 pts during May 2021.
Our previous blog a couple of weeks ago (February 15th, 2023), with the BDI ranging at around 563 points, ended as follows: “…Covid-led supply disruption in the global market place over the years 2020 – 2022 was apparently the most precious ally of dry bulk shipping sector as the BDI climbed to historic highs, i.e. levels not seen for more than a decade. Now that Covid has disappeared from the scene background, the market’s golden days seem to have gone for long whereas sentiment remains at the very bottom and without signs of exhaustion. Technically the market is approaching its long-term historic lows and therefore we should expect at least a technical reversal in the coming weeks. …”
Global markets continued to price in additional rate hikes from central banks in light of persistent inflation pressures. On the other hand, the scenarios about a steep recession have been losing steam as of recently. Furthermore the second half of 2023 is expected to reveal stronger economic growth and allow the international economies to experience a soft landing process. In this context and in broad terms we would expect the dry bulk market to gain some more momentum in the following months as its current levels are still well below the historical average trading range.
BALTIC DRY INDEX as of March 1st, 2023 (latest price and intraday change):
BALTIC DRY INDEX as of February 15th, 2023 (latest price and intraday change):
BALTIC DRY INDEX as of November 23rd, 2022 (latest price and intraday change):
BALTIC DRY INDEX as of October 12th, 2022 (latest price and intraday change):
BALTIC DRY INDEX as of August 31st, 2022 (latest price and intraday change):
BALTIC DRY INDEX as of July 6th, 2022 (latest price and intraday change):
BALTIC DRY INDEX as of June 8th, 2022 (latest price and intraday change):
Source: Bloomberg
FIGURE 1: Baltic Dry Index (BDI) (in USD) | October 2022 – March 1st, 2023
[Bloomberg ticker: BDIY:IND, BDI Baltic Exchange Dry Index]
Source: Bloomberg, Trading Economics, https://www.marinevesseltraffic.com/ , www.investing.com
FIGURE 2: Baltic Dry Index (BDI) (in USD) | 2013 – March 1st, 2023
[Bloomberg ticker: BDIY:IND, BDI Baltic Exchange Dry Index]
Source: Bloomberg, Trading Economics, https://www.marinevesseltraffic.com/ , www.investing.com
FIGURE 3: Baltic Dry Index (BDI) (in USD) | Last 36 Years up to March 1st, 2023
[Bloomberg ticker: BDIY:IND, BDI Baltic Exchange Dry Index]
Source: Bloomberg, Trading Economics, https://www.marinevesseltraffic.com/ , www.investing.com
