Baltic Dry Index on Course for Lowest Monthly Average Since 1986
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The Baltic Dry Index, a measure of commodity shipping costs, is on course for its lowest monthly average in more than 25 years as an oversupply of vessels keeps hire costs below break-even levels.
The index has averaged about 698 so far this month, according to the London-based Baltic Exchange. It’s closing in on the worst performance since the average level of about 587 in August 1986, figures compiled by Bloomberg show. Today the measure rose for a third session, led by higher rates for Capesize ships that carry iron ore.