Taking stock of dry bulk shipping as 1H25 comes to a close
- Capesize C5TC index average for first half is down 33% year on year, with panamax P5TC index down 33% and supramax S10TC index down 34%
- FFAs are pricing in continued year-on-year declines for capesizes, panamaxes and supramaxes in the third quarter
- Share pricing for dry bulk owners with market caps over $300m is down 24%-41% year on year, roughly in line with spot rate declines
The dry bulk sector continues to disappoint, with capesize rates falling from more than $30,000 per day to under $19,000 per day in the past two weeks, and further declines expected in the coming months
