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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its nosedive on Tuesday to touch another record low on slowing activity, especially from China.
The Baltic Dry Index, which posted its record high of 11,793 points on May 20, 2008, has slumped to 291 points, marking the lowest level since the Baltic records began in January 1985. The index has yet to post a single session of gain this year and has tumbled nearly 40 per cent, touching fresh lows in 25 of the 27 sessions thus far.
The index is viewed by investors as an indicator of global industrial activity.
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