AMKBY - Baltic Dry Index plunges to five-month low as shipping rates retreat

Shipping stocks sank across the board today after the Baltic Dry Index fell to its lowest level since early June. The Baltic Dry Index (BDIY:IND) closed -6.1% to 2,591 points, falling for a fourth day, with the capesize index plunging 9.8% to 3,383 and the panamax index sliding 6.1% to a six-month low 2,675. Average daily earnings for capesizes, which transport 150K-ton cargoes such as iron ore and coal, fell to $28,059, and average daily earnings for panamaxes, which ferry 60K-70K-ton coal or grain cargoes, slumped to $24,072. Among relevant tickers: ESEA -19%, GOGL -8%, NMM -7%, CMRE -5.2%, GSL -4.7%, SBLK -4.6%, SB -4.6%, EGLE -4.3%, ATCO -4.1%, MATX -2.9%, DSX -2.3%, OTCPK:AMKBY -1.5%, DAC -0.6%. Concerns over China's economy and news of production cuts from Brazilian iron ore miner Vale are weighing heavily on larger vessel segments, Rebecca Galanopoulos Jones, head of research at Alibra Shipping, tells Reuters.

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Baltic Dry Index plunges to five-month low as shipping rates retreat