The Baltic Dry Index (BDI) was trading at around ~921 points (USD) on January 18th, 2023 versus 1,720 points on December 21st, 2022, ~1,904 points (USD) on October 12th, 2022, ~2,145 points on July 20th 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 (January 4th, 2022), with the BDI ranging at around 1,250 points, ended as follows: “… Technically we continue to hold the view that the Index will be trading along the range of 1,000 – 1,500 in the next couple of weeks despite the fact that the particular range is below the long-term historic average levels of the Index. Furthermore at its current levels, the Index has already discounted a global recession which appears to be a probable scenario to materialize over the coming months but not so certain in our view …“
The market’s correction over the past couple of weeks proved to be substantially steeper than what we had expected as the Baltic Dry Index moved further downward and traded below the 1,000 threshold. Uncertainty over the global macroeconomic outlook and the impact of a potential recession on sector companies’ earnings appear to heavily weigh in terms of market sentiment. There is also some further speculation added to the above factors which in turn exaggerates the bearish scenario and makes participants in the market more despondent than they should have otherwise been.
BALTIC DRY INDEX as of January 18th, 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 26th, 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 – January 18th, 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 – January 18th, 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 January 18th, 2023
[Bloomberg ticker: BDIY:IND, BDI Baltic Exchange Dry Index]
Source: Bloomberg, Trading Economics, https://www.marinevesseltraffic.com/ , www.investing.com
