Dry bulk shipping – the movement of large quantities of coal, iron ore, wheat and other bulk commodities – has also seen its problems exacerbated by the unwinding of speculative activity surrounding the sector.
The Baltic Dry index, a measure of shipping costs for commodities, suffered its biggest drop on record on Friday, falling 11 per cent to 2,2211.
The index is 81 per cent down from its peak five months ago.
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