The Baltic Index (BDIY), which provides a benchmark for the price of moving the major raw materials by sea, fell for a seventh straight session yesterday and is down almost five percent today in early morning trading as rates for capesize bulkers fall.
The overall index, which factors in rates for capesize, panamax, supramax and handysize bulk vessels, was down 76 points, or 4.6%, at 1,561 points yesterday after the biggest percentage drop in over two months. The index is down from a one-year high of 2,097.
The capesize index itself lost 189 points or 6.7% because average daily earnings for capesize bulkers were down $1,568 to $21,737.
Iron ore futures also showed losses because of rising port inventories and softening demand in China.
The panamax index fell 3.4%, the supramax index fell three points while the handysize index was flat.