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Baltic Dry index slides to all-time low as China bulk imports slacken
THE Baltic Dry Index, tracking rates for ships carrying industrial commodities, slumped to an all-time low this week, Reuters reported.
"The outlook is clearly very poor," said Tony Foster, of London's shipping asset manager Marine Capital. "We believe it's more a question of how long these currently terrible levels will last."
The cause was attributed to worries over demand from top importer China and the oversupply of vessels, which combined to dampen the market mood.
The index gauges the cost of shipping dry bulk cargoes including iron ore, cement, grain, coal and fertiliser. It was down five points, or 1.06 per cent, at 468 points, the lowest in records that date back to January 1985.
The dry bulk shipping downturn began in 2008, after the onset of the financial crisis, and has worsened significantly in recent months as the Chinese economy has slowed, meaning less appetite for iron ore and coal.
The dry cargo shipping market has also been hit by a wave of ship deliveries, which are expected to continue this year. "The lack of activity in rates shows how severe the overhang is," said Oslo's Arctic Securities analyst Erik Nikolai Stavseth.
"The outlook is clearly very poor," said Tony Foster, of London's shipping asset manager Marine Capital. "We believe it's more a question of how long these currently terrible levels will last."
The cause was attributed to worries over demand from top importer China and the oversupply of vessels, which combined to dampen the market mood.
The index gauges the cost of shipping dry bulk cargoes including iron ore, cement, grain, coal and fertiliser. It was down five points, or 1.06 per cent, at 468 points, the lowest in records that date back to January 1985.
The dry bulk shipping downturn began in 2008, after the onset of the financial crisis, and has worsened significantly in recent months as the Chinese economy has slowed, meaning less appetite for iron ore and coal.
The dry cargo shipping market has also been hit by a wave of ship deliveries, which are expected to continue this year. "The lack of activity in rates shows how severe the overhang is," said Oslo's Arctic Securities analyst Erik Nikolai Stavseth.
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