The Baltic Exchange’s main seafreight index, Baltic Dry Index, has decreased to levels that were last seen almost 30 years ago.
The overall index – which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser – was down 5 points at 554 points on Monday.
According to Reuters news agency, the index last touched this level in August 1986.
"We are all shocked at how bulk carrier earnings have collapsed this year. It was not supposed to happen this way," consultants Hartland Shipping Services was cited by Reuters as saying. "This has left owners trading ships at well below operating costs, further draining their already depleted cash resources and fading equity."
Seafreight index crashes to major low
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