Baltic Dry Index Drops on Speculation Vale, BHP Exited Market
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The Baltic Dry Index, a measure of commodity-shipping costs, fell for a second day on a dearth of iron-ore cargoes amid speculation that mining companies Vale SA and BHP Billiton Ltd. exited the market.
The index declined 30 points, or 1.4 percent, to 2,170 points, according to the London-based Baltic Exchange, paring its first weekly gain in six weeks to 0.7 percent. Rates to hire capesize vessels that primarily haul iron ore slid 5.7 percent, the most in two weeks, as all other ship classes gained.