It may be vacation season in the northern hemisphere, but there is little sunshine in the spot market for capesize bulkers.

The Baltic Dry Index (BDI), the overall indicator of the strength of dry cargo markets, fell a further 86 points on Thursday to reach 1,731 points. This is the index’s lowest level since mid-February, the seasonally weakest time of year for bulker markets.

The BDI’s fall is principally down to sustained weakness in the capesize market, which contributes 40% to the index’s calculation.