Global slump drags down shipping rates
13/10/2008 § Leave a comment
The Baltic Dry Index (BDI), a measure of commodity-shipping rates, fell 9.4% or 261 points last Thursday to 2,503, the lowest point since June 2006 when the index was 2,478.
So far this year, the index has dropped by 73% from the peak of 11,930 points seen four months ago, reflecting the hardships that are foreseeable.
Stock analysts and ship operators say the BDI might decline further over the rest of the year as exports have begun to show signs of slowing down. The lowest BDI was seen in 2005 at 1,747 points.
November and December are normally the high-season period for overseas shipments. But now in October we have started already to see slowing orders from abroad
And there ya have it! Amerika’s vaunted consumerist culture has stopped consuming. Any day now we will see Chimpy come on TV exhorting us to spend spend spend! If ya don’t spend ya must be with the terrorists!!
GET OUT WHILE YOU STILL CAN!!