Chinese shipping companies continue to slide as BDI index fell below 1,000 mark for first time since 2020
STOCKS
Chinese shipping companies continue to slide as BDI index fell below 1,000 mark for first time since 2020
STOCKS

Chinese shipping companies continue to slide as BDI index fell below 1,000 mark for first time since 2020

 

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Chinese shipping companies continue to slide as BDI index declined below 1,000 mark for the first time since 2020. Shares of OOIL is slumping 6.4% in Hong Kong, Pacific Basic down more than 6%, Ever Harvest Group down over 5.7%, COSCO Shipping Holdings down 4.6% and COSCO Shipping Energy falling nearly 3%.

In the A-shares market, an index tracking shipping companies compiled by Wind Information is sliding 2.3% as of 10:49 am local time, making it one of the worst-performing sectors in the A-share market and compared to 0.1% gains for the benchmark Shanghai Composite Index.

The Baltic Dry Index (BDI) has fallen below 1,000 points and is flirting with levels not seen since the depressed markets of early 2020 when dry markets had slowed sharply during the first wave of Covid-19 pandemic.

The BID index, which indicates the overall strength of bulker spot markets, fell by 5.1% to 965 on Wednesday, sliding for the fifth consecutive trading day. For the full month of August, the BDI Index tumbled by nearly 50%, the biggest one-month loss since January 2020 and sliding for the third straight month.