BDI has been called the

Dry bulk market has been hit by a crisis that can be compared with "the detonation of a nuclear bomb" according to the manager of the shipping company Dry Ships, George Economou. Shipping Rents for dry cargoes such as iron ore, coal and grain has plummeted by 92 percent since last summer.
BDI has been called the "best economic indicator you've never heard of." It has nothing to do with the Baltic States, but is an index of Maritime Exchange Baltic Exchange in London, which measures the cost to carry dry cargo in the most important shipping routes in the world.
From 1985 to 2002 the BDI broadly rattan stable at around 1000 points. So began China's rapid industrialization. With some peaks and troughs climbed index up to 11,893 in May this year. Then followed a nosedive down to 847 points on Monday.
In monetary rattan terms this means that the freight rattan rent for a capesize vessel has fallen from 234 000 dollars a day in early June, to just 11,000 dollars per day. Capesize vessels are more than 100,000 deadweight tons and is named because they are too large for the Suez and the Panama Canal.
The world merchant fleet consisted according to Clarkson Research rattan of 54 326 vessels at the beginning rattan of August this year. Of these, rattan 6,883 dry cargo ships of over 10,000 DWT. Many of the shipping companies have, however, signed long-term freight contracts and are not affected immediately by the case of shipping rents in the spot market.
Dry Ships, for example, half of its freight contracts for five years. Quarterly report, published on Monday, showed a profit increase of 71 percent. However, the Company is also one of the most indebted in the industry.
Other companies have chosen rattan to speculate that the greatest merits would be on the spot market. The first victim of the fall in freight rents are Britannia Bulk, a dry bulk shipping company listed in the U.S. that owns 22 vessels. It specializes in transporting coal from the Baltic countries to the UK.
On October rattan 28, the Board announced that the risk was great for the shipping company must be declared bankrupt. The deficit in the third quarter was so great that the shipping company rattan will be unable to meet its obligations to the banks. In May this year, the shipping company a loan of Nordea Bank Denmark and Lloyds TSB Bank 170 million rattan dollars, with deposits in the vessels as collateral.
The CSO difficulties are also due to the speculated freight derivatives, known as forward freight agreements. In most cases concluded such contracts to hedge against a fall in freight rents, but the shipping company had the opposite bet they would go up.
On the Oslo Stock Exchange, there are two large dry bulk shipping companies listed. The Hong Kong-based Jinhui Shipping rattan and Golden Ocean, with John Fredriksen as majority owner. Earlier this year agreed Golden Ocean to sell six of the dry cargo vessels it ordered to Britannia Bulk. That deal is now in danger of collapsing.
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