Shipping: SOS

The cost of shipping is sinking, and shippers are struggling to stay afloat. The Baltic Dry Index, which measures the spot price for chartering ships that carry dry bulk goods such as iron ore, is down 93% from its May peak. At current prices, shippers can’t cover their costs. Many are breaching bank covenants and a few have been forced into administration. In a move of sheer desperation, the notoriously secretive London shipping community convened on Wednesday to try to cut their losses. The m...