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Baltic Dry Index drops to new all time low

Baltic Dry Index drops to new all time low
The Baltic Dry Index (BDI) fell to its lowest level ever on Wednesday dropping to 553 points.

The index’s previous all-time low was 554, which it hit on Monday this week and 6 August 1986.

The BDI had rallied slightly on Tuesday moving up to 556 points before falling back 0.54% on Wednesday.

The collapse in the dry bulk freight rates is being blamed on lower commodity prices, reduced demand and an oversupply of ships.