The Baltic Exchange’s overall index, which gauges the cost of shipping dry bulk cargoes including iron ore, cement, grain, coal and fertiliser, was down 10 points (2.61%) to 373 points last Friday – hitting a record low for the ninth straight session, according to Hellenic Shipping News.
The Capesize, Panamax and handysize indices also touched record lows on Friday.
The index has plunged by over hundred points or about 22% this year, added Reuters. And last Wednesday, it fell below 400 points for the first time on record.
Low global demand and a huge oversupply of vessel-capacity were cited as the main driving factors, with the dry bulk sector, for example, getting a hammering from the Chinese industrial slowdown.
