Baltic Dry Index Hits Its Lowest Point

zoom The Baltic Dry Index (BDI) fell to 504 points on Thursday, hitting the lowest point in almost thirty years. The BDI dropped by 15 points, a 2,89 percent decrease against the numbers on November 18, and a 36 percent decrease for this year. Such low results are caused by a reduction in the cost of shipping commodities and Chinas economic growth stall, which is in turn affecting the demand for imports of iron ore and coal. A 7.2 percent drop, to USD 4,015, was reported in day rates for Capesize vessels, and a 1.9 percent decrease to USD 3,737, for Panamaxes. Other ship types also experienced a drop in day rates. The market experienced its second lowest point back in February when the BDI fell to 522 points. Baltic Dry Index (BDI) is a number issued daily by the London-based Baltic Exchange which provides an assessment of the price of cargo shipping. BDI covers Handysize, Supramax, Panamax, and Capesize dry bulk carriers. World Maritime News Staff