Dry bulk rates approaching all-time low after the drops seen in recent weeks

The benchmark dry bulk index is approaching its all-time low after major decreases in the past weeks. "The market is extremely weak," an analyst tells ShippingWatch, pointing to one factor in particular that weighs down.

Photo: Andre Penner/AP/Ritzau Scanpix

The dry bulk freight rates have gone down steeply in the past three weeks and are now approaching an all-time low.

On Thursday, the Baltic Dry Index, which is tallied daily through calls to brokers, closed at 393 points. The lowest point ever so far, 290 points, was registered in February 2016.

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