Baltic index ends flat at record low

Reuters has reported that the Baltic Exchange's main sea freight index ended flat on 25 January, mainly due to higher rates for capesize vessels and ending a run of 15 consecutive losing sessions.

The overall index, which gauges the cost of shipping dry bulk including cement, ended unchanged at 354 points, its lowest level in records that date back to January 1985.

The index, which has dropped by 26% this year, fell on 22 January to a record low for the 14th straight session and falling for the 15th straight session overall.

The dry bulk sector has taken a hammering from the slowdown in Chinese business at a time when the sector is struggling with huge overcapacity.

Edited from source by Joseph Green. Source: Reuters

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