GE Shipping's CFO G Shivakumar declared rates are falling as congestion in Chinese ports eased while cargo demand dropped, reports New Delhi's Financial Express.
The Baltic Dry index declined 23 per cent in one month and 53 per cent in a year. The index provides a benchmark for sea freight, moving primary raw materials, with it recently standing at 1,560 points.
"The moderation in rates in recent times has been due to factors like slowdown in global iron ore and agriculture trades and subdued demand from China. The Russia-Ukraine conflict has also impacted the trade as grain transportation from Ukraine has been impacted," said Icra vice president Sai Krishna.
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