The Baltic Dry Index (BDI) has sank further to a new historic low on Wednesday, falling by 13 points to 471 on Wednesday from 484 on Tuesday.

The Baltic Capesize Index (BCI) were again the main culprit for dragging down the BDI as it sank by 74 points on Wednesday, compared to the drop of 99 points on Tuesday.

The rise of four points seen on the Baltic Panamax Index (BPI) yesterday offered little consolation, while the Baltic Supramax Index (BSI) fell by one point.

Shipping analyst Fearnleys summed up the state of the capesize market by saying that there is “seemingly no immediate end to the misery.”

Fearnleys noted that volumes on the Brazil/China iron ore marker trade are very far from expectations, and resultant levels are down another 18% week-on-week to around $11,500 per day.

Spot coal trades remains negligible, and modest iron ore volumes on the Waust/China run simply cannot absorb the number of units still trading, it said.

“Both index, down 33% last five trading days to come in at $5,000 per day, and actual daily return (which is lower), indicate increased idling/layup and finally scrapping to be expected,” Fearnleys said.

On the supramax sector, there have been talks of cold layup as owners are not willing to continue to trade at present levels. “With returns well below opex, this may be quite possible,” Fearnleys said.