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The Baltic index has been trading below 450 in February, the lowest level since March 2016 with the capesize segment falling to all-time lows amid weak demand for ships and muted activity in China, whose demand accounts for almost 40% of total dry seaborne imports. The dry bulk index, which can be an early indicator of slowing global growth, has plunged by over 83% since early September as an 18-month trade war between the US and China and the coronavirus outbreak weighed on exports and manufacturing, while higher fuel costs under the new International Maritime 2020 regulations led to a significant rise in the cost of operating cargo ships. The last time it fell by 90% in just a few months was in 2008 during the Great Recession.

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