Baltic Freight Rates Hit Nine-Year Low

A dramatic decline has taken the index, compiled daily by the Baltic Exchange in London which is a hub of worldwide chartering, from a historic peak at 2,532 as recently as May last year.

Shipbrokers blame the drop on a glut of new tonnage arriving from the shipyards at a time when scrap prices are not strong enough to tempt owners to send elderly vessels to be broken up.

The BFI measures the dry cargo freight market