Shipping Index Plunges Below 1,000 for First Time Since 2009
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The Baltic Dry Index, a measure of commodity shipping costs, fell below 1,000 for the first time since January 2009 on signs Chinese demand for iron-ore cargoes is slowing, worsening a glut of vessels.
The index slid for a 20th session to 974, extending this year’s slump to 44 percent, data from the London-based Baltic Exchange show. Charter rates dropped for all four vessel types within the gauge, led by capesizes, which declined 8.3 percent.