BDI Bleeds for 10 Days, But Coal-Fueled Small Ships Rally
BDI Index Falls for 10 Straight Days, but Coal Shipping Demand Surges, Lifting Handysize & Panamax Rates
The Baltic Dry Index (BDI) dropped for the 10th consecutive session to 2,729 points, a May low. While Capesize rates fell 3.7% amid weakness in iron ore trade, Panamax and Supramax segments rose 1.8% and 0.9% respectively, supported by booming coal shipments.
Global seaborne coal trade reached 119 million tonnes in May (+5% YoY), driven by Asian countries substituting LNG with coal due to Gulf supply tightness. With Indonesia’s coal exports declining, Australia, South Africa, and Russia are filling the gap. Analysts expect strong coal demand to sustain small-to-medium bulker markets into Q3, unless new U.S. LNG capacity comes online earlier.
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