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Home / Metal News / Main sea freight index at Baltic Exchange continues to drop to fresh record low

Main sea freight index at Baltic Exchange continues to drop to fresh record low

Jan 18, 2016 19:29

Source:SMM

The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to drop and touched a record low for the ninth straight session Friday.

UNITED KINGDOM January 18 2016 1:39 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to drop and touched a record low for the ninth straight session Friday, mostly due to vessel oversupply and lack of global demand.

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, plummeted by another 10 points to 373 points on Friday.

The main sea freight index at Baltic Exchange is the rate which tracks for ships carrying dry bulk commodities.

The capesize, panamax and handysize indices also touched record lows on Friday.

The dry bulk sector has taken a beating from the slowdown in Chinese business at a time when the sector is struggling with huge overcapacity.

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