Baltic Dry Index Drops for Fifth Week

9 September 2009 (Last Updated September 9th, 2009 18:30)

The Baltic Dry Index, a measure of shipping costs for commodities, has dropped for a fifth consecutive week as easing port congestion and fleet expansion pressured rates to hire capesize class ships, according to businesstimes.com. The index tracking transport costs on international trade

The Baltic Dry Index, a measure of shipping costs for commodities, has dropped for a fifth consecutive week as easing port congestion and fleet expansion pressured rates to hire capesize class ships, according to businesstimes.com.

The index tracking transport costs on international trade slid 0.2% this week to 2,415 points, for a 28% decline in five weeks.

Rates to hire capesize class vessels also dropped 8.5% this week to $34,647 a day.

Such vessels typically haul coal and iron ore. China is the world’s biggest user of iron ore, the largest dry-bulk commodity hauled at sea.