Baltic Dry Index Teeters on Record Low

(Seatrade Asia)

On Thursday, the Baltic Dry Index, which measures dry bulk shipping rates on 40 routes across the world, sank 3.9% to 733 points, its seventh straight daily decline and its lowest level since January 1987. The index has plummeted 94% from its high in late May. Many are anticipating that in the next couple of weeks it could hit a record low.

Putting a brave face on the market, Kenneth Koo, group ceo and chairman of Hong Kong bulk owner Tai Chong Cheang Steamship, told Seatrade at a press conference earlier this week, that he hoped the current plunge would be a ‘short and sharp’ one. He said the market could be back up to manageable levels by Q2 next year. Read more here.