The Baltic Exchange’s main sea freight index falls to its lowest level since April, hurt by weaker vessel demand across all segments.
The Baltic Dry Index – which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities – sank 6.9% today to 844, its lowest since April 23.
Analysts say a primary reason is a considerable slowdown in iron ore activity, as higher iron ore prices have caused Chinese steel mills to buy from domestic port inventories rather than overseas suppliers.
Related stock tickers include DSX, DRYS, EGLE, NM, NMM, GLBS, SB, SALT, SBLK, GOGL, SHIP, EDRY, GNK, EURN
