Source: Financial Times, 17th February 2010
The Baltic Dry Index, a measure of freight costs for bulk commodities such as iron ore, coal, cement, fertiliser and grains, has lately become the bear's best friend. The index is down to its lowest level since October - a fall of 40 per cent in three months - and not far above the level of a year ago, giving ammunition to those investors who believe the global economy is not recovering. The bears, however, will be deeply disappointed.
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