Dry cargo rates again closed on record low levels today with little festive cheer to go around. Declines in the capesize market took the BDI to just 474 points, just three above the historic low set on successive days earlier this month. Capesize rates sat at a painful $3,955 per day on Tuesday, while panamaxes were up fractionally to $3,554 per day. Doug Mavrinac of Jefferies said in a report today: “The dry bulk carrier market weakened during the fourth quarter as Chinese import demand for major dry bulk commodities such as iron ore and coal remained weak while the dry bulk carrier fleet expanded in size during the quarter. “The outlook for the dry bulk carrier market remains weak as Chinese iron ore and coal import demand are expected to remain weak and the major mining companies in Australia and Brazil continue to reduce production growth plans while the dry bulk carrier fleet is expected to continue to expand in size through 2016.”
