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The Baltic Dry Index fell


The global benchmark for freight rates of bulk carriers, the Baltic Dry Index dropped by 57 per cent or 2419 points to touch to 1790 points on 13 July 2010. The analysts in the shipping sector held the slowdown in iron ore and steel trade in China responsible for the dip in freight rates.

Oct 13, 2010 15:17 IST

The global benchmark for freight rates of bulk carriers, the Baltic Dry Index dropped by 57 per cent or 2419 points to touch to 1790 points on 13 July 2010. The analysts in the shipping sector held the slowdown in iron ore and steel trade in China responsible for the dip in freight rates. Freight rates for cape size vessels which are the largest dry bulk carriers fell to $23000 a day from the $60000 a day levels in May 2010. Freight rates would be further threatened by global bulk tonnage which is expected to go up by 23 per cent.