Pressure was mounting on bulker owners on Wednesday as the key Baltic Exchange Dry Index (BDI) dropped to its lowest level since June. The index stood down 23 to 599 points, while the capesize figure was down 72 at 946. And the Baltic’s average of four capesize time-charter routes was showing a daily rate of $5,781, down $480 from Tuesday. However, the market has not yet reached its recent BDI nadir of 511 recorded in February, the lowest level for at least five years. It last dipped below 600 at the start of June.
