Low in the water
The shipping industry has suffered huge losses in recent months, with the Baltic Exchange Dry Index sinking 94% between May and December last year. What are the knock-on effects for the developing freight derivatives market? Christopher Whittall investigates
Few markets illustrate the dramatic turn of events in the world economy more vividly than shipping. The Baltic Exchange Dry Index (BDI) - which measures the cost of shipping dry commodities such as coal, grain and iron ore - plunged 94% from 11,793 in May to 663 in December, leaving several shipping companies bankrupt.
Associated freight derivatives also took a pounding. The average weekly lots
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