Capesize rates plunge 27.5% overnight, dry bulk shippers slide

|By:, SA News Editor

Capesize dry bulk shipping rates have declined in every session so far in 2014 and were slammed overnight, tanking 27.5% (or -$6,606) to $17,452/day.

The overall Baltic Dry Index dropped 11% to 1,512; panamax rates fell 1.5% to $12,921/day, and supramax rates rose 0.2% to $12,448/day.

In early trade: SBLK -2.9%, DRYS -5.1%, DSX -2.5%, GNK -5%, NM -4.3%, PRGN -3.6%, NMM -1.2%, SB -5.4%, EGLE -2.3%, BALT -3.1%.