Capesize index plummets to -133, the first time ever in negative territory.

The Baltic Exchange Capesize Index (BCI) dropped to -133 index points on 4 February 2020, turning negative for the first time ever on 31 January 2020. The composite BDI index (BDI), which has excluded the more stable handysize segment since March 2018, also dropped on 4 February 2020 to settle at 453 index points.

The BCI has been on a freefall through the entirety of December, but the descent started to pick up more steam during the past couple of weeks. A streak of negative developments has been at the root of this downturn, including...