Main sea freight index at Baltic Exchange declines for the thirteenth consecutive days

UNITED KINGDOM January 25 2016 11:30 AM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities declined for the thirteenth consecutive days and touched a new record low on Friday as a bellwether for the global economy has crashed to its lowest level ever, fueling fears we could be heading for another 2008-style crash.

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped by another 1 points to 354 points on Friday.

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. 

The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Friday, January 22 2016, when the index dropped to 354 points.