Baltic index drops to record low
Published by Joseph Green,
Reuters are reporting that the Baltic Exchange's main sea freight index registered a new all-time low on 8 February on muted vessel demand.
The overall index, which gauges the cost of shipping dry bulk including cement dropped four points to 293 points.
The index has not risen in a single session this year, dropping nearly 40% and touching fresh lows in 24 of the 26 sessions.
A slowdown in the Chinese economy, which expanded at its slowest pace in a quarter of a century in 2015, and a huge over-capacity in vessels have hit the index hard.
Average daily earnings for capesize vessels, which typically transport 150 000 t cargoes fell US$43 to US$2781.
Edited from source by Joseph Green. Source: Reuters
Read the article online at: https://www.worldcement.com/europe-cis/09022016/baltic-index-drops-record-low-470/
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