London: The Baltic Exchange's main sea freight index fell to its lowest level in more than a year on Tuesday, hit by a slowdown in freight activity. The index, which gauges the cost of shipping commodities including iron ore, cement, grain, coal and fertiliser, fell 4.02 percent, or 89 points, to 2,127 points in its 29th consecutive decline to remain at its lowest since May 6 last year.?"Recent falls in the Baltic dry index, in combination with signs of weakening hard commodity demand in China and softening global survey data, point to a slowing down in the global recovery," Lombard Street Research economist Melissa Kidd said.?The index has had its worst run since October 2008 and is down nearly 38 percent since the start of the year, falling over 22 percent in the past month.?A combination of slower iron ore activity, weaker coal imports into China and the fading of South America's grains export season have put pressure on freight rates. [07/07/10]
Copyright © 2023. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
