The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying industrial commodities, sank to a new record low for the sixth straight session on Tuesday, reports Reuters.
The overall index, gauging the cost of shipping dry bulk cargoes including grain, iron ore, cement, coal and fertilizers, fell 3.13 percent to 402 points due to lower cape, panamax and supramax rates. The index has fallen by about 14 percent so far this year.
The main sea freight index at Baltic Exchange is the rate which tracks for ships carrying dry bulk commodities.
A downturn in dry bulk shipping has worsened significantly in recent months as demand for iron ore and coal has declined in the response to slower economic growth in China.
The capesize index shed 48 points, or 15.29 percent, sinking to its all-time low of 266 points.