Economy
February 14, 2015
Early February Logistics Report
Written by Sandy Williams
Dry cargo rates continue to plummet as the Baltic Dry Cargo index dropped to record lows last week. The index fell to 553 on Wednesday and continued to slide downward to end the week at 530 points.
MID-SHIP says shipowners and operators are suffering major revenue losses, with one owner/operator declaring bankruptcy last week. Charterers worry about operators defaulting as well as contracts that contain much higher freight rates than are currently found in the market.
