THE baltic Dry Index, which measures the cost of shipping goods worldwide, fell for a 10th consecutive day to its lowest in seven weeks, down by another 5.9 per cent to 1,377 points, amid weakening global economic outlook, Reuters reports.
The capesize index, which tracks iron ore and coal cargoes of 150,000 tonnes, tumbled 11 per cent to 1,388 points, logging its tenth consecutive daily fall on its worst day in nearly two months on sagging demand from China for iron ore.
Demand for bulk shipping from China has fallen by five per cent year to date as the world’s second largest economy boosted domestic coal output while struggling with an ongoing property crisis and zero Covid policy.
The panamax index, which tracks about 60,000 to 70,000 tonnes of coal and grain cargo fell for a ninth straight session to an eight-week low of 1,696 points. The supramax index was down for a seventh day to 1,389 points.
