Baltic index drops to record low
Published by Joseph Green,
Editor
World Cement,
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/
You might also like
Fortera joins Alliance for Low Carbon Cement and Concrete (ALCCC) in Europe
Cement decarbonisation pioneer Fortera has joined the Alliance for Low Carbon Cement and Concrete (ALCCC), alongside international NGO ECOS and ten other inaugural alliance members to make low-carbon cement the norm.