Capesize market on the red on China's reduced iron ore imports, but hopes for a recovery still exist

Strong headwinds have once again plagued the dry bulk market, as the Baltic Dry Indexx began the week down by 0.52% to 2,482 points, with the only surviving segment being the Panamax one. Still, the BDI has now been falling for seven straight session. The dry bulk market edged down throughout the previous week, as demand for capesizes was little. But, the downward pressure was evident throughout the market, pushing rates down in all ship segments as well. The industry’s benchmark the Baltic Dry Index (BDI) ended the week with a 7 percent loss. According to the latest weekly report from N.Cotzias Shipping Group, Capes are toneless with China reducing the quantities of iron ore, while the charter market is exhibiting some definite signs of lack of prompt cargoes.
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Source: Hellenic Shipping News