Sources suggest the slip is an inevitable consequence of last week’s bull run that took rates in the sector to an eight-month high.
Data from the Baltic Exchange shows the BCI 2014 index to have dropped by 132 points to 2,367 points on Tuesday.
This led the BDI to fall by 35 points to 1,162 despite climbs in the panamax market.
“I think it’s a breather and we will see another spike,” said one leading broker today.
“But by definition, spikes are unsustainable so my feel is around $20,000 to $22,000 per day will be the high of the year for the spot.”
Chartering activity was minimal today with a K Line cape fixed by Ilva in Ponta Da Madeira for Taranto the only cape deal to be reported by the Baltic Exchange.
In the panamax market the Augustea Group’s 80,700-dwt Aby Virginia (built 2015) has been chartered by Diamond Bulk Carriers at $9,750 per day for eight to 10 months.
The rate compares with the $8,296 per day available in the spot market right now.
