The Baltic Dry Index (BDI) fell to 504 points on Thursday, hitting the lowest point in almost thirty years.
The BDI dropped by 15 points, a 2,89 percent decrease against the numbers on November 18, and a 36 percent decrease for this year.
Such low results are caused by a reduction in the cost of shipping commodities and China’s economic growth stall, which is in turn affecting the demand for imports of iron ore and coal.
A 7.2 percent drop, to USD 4,015, was reported in day rates for Capesize vessels, and a 1.9 percent decrease to USD 3,737, for Panamaxes. Other ship types also experienced a drop in day rates.
The market experienced its second lowest point back in February when the BDI fell to 522 points.
Baltic Dry Index (BDI) is a number issued daily by the London-based Baltic Exchange which provides an assessment of the price of cargo shipping. BDI covers Handysize, Supramax, Panamax, and Capesize dry bulk carriers.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.