Hong Kong: On Thursday, the Baltic Dry Index, which measures dry bulk shipping rates on 40 routes across the world, sank 3.9% to 733 points, its seventh straight daily decline and its lowest level since January 1987.
The index has plummeted 94% from its high in late May. Many are anticipating that in the next couple of weeks it could hit a record low. Putting a brave face on the market, Kenneth Koo, group ceo and chairman of Hong Kong bulk owner Tai Chong Cheang Steamship, told Seatrade at a press conference earlier this week, that he hoped the current plunge would be a 'short and sharp' one. He said the market could be back up to manageable levels by Q2 next year. Mr Koo, who is also deputy chairman of the Hong Kong Shipowners Association, was speaking at an event in Hong Kong to detail next year's premier shipping event, Sea Asia, to be held in Singapore on April 21 where leading owners will debate the perilous state of the markets.
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