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Chinese shipping companies and port operators mostly trading lower on Monday after the Baltic Dry Index posted the worst weekly performance since early August.
COSCO Shipping Energy Transportation is slumping more than 8% in Hong Kong, Pacific Basin sliding more than 7%, COSCO Ship Development down more than 5% and China Merchants Port down more than 2%.
The index, compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore, dropped by 4.8% to 1534 points on Friday, making it 16% lower than the previous week, sliding for the third consecutive week and down more than 23% from the high earlier this month.
The Shanghai Containerized Freight Index, compiled by the Shanghai Shipping Exchange, stood at 1,778.69 on October 21, having wiped out all gains since 2021.