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Shares of shipping companies and port operators are sliding in Hong Kong, with OILL down 3.5%, China COSCO Shipping Corporation down 2%, Qingdao Port down 1.8%, Tianjin Port Development falling about 1.7%.
The Baltic Dry Index, a measure of dry bulk shipping rates, fell to the lowest level in more than two months on Tuesday as demand weakened for all vessel types.
The BDI declined by 1.3% to 1348, marking its lowest level since March 8 and the ninth consecutive day of decline.
