Market Updates
Baltic Freight Rate Index; Sixth Daily Drop
123jump.com Staff
15 Dec, 2009
New York City
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The Baltic Freight Rate Index continues to decline as the futures of crude oil price weaken further in London trading. The index has been on the decline from its latest peak in late November but still up five times from its low near 800 at the beginning of the year.
[R]1:20 PM London – The Baltic Freight Rate Index continues to decline as the futures of crude oil price weaken further in London trading. The index has been on the decline from its latest peak in late November but still up five times from its low near 800 at the beginning of the year.[/R]
Baltic Freight Rate Index in London has been on a decline since it reached a peak in November. The index has fallen consistently from the peak of 4,661 and decreased another 1.3% today to 3,530.00.
The index is still up from the low of 772 in the beginning of the year and reached the peak of 4,291 in June and has since then struggled to stay above 4,000. The index reached a record high in May of 2008 at 11,700 and dropped nearly 93% to its lowest to 663 in December of 2008.
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