The Baltic Dry Index (BDI) declined on Wednesday for the fifth consecutive business day after reportedly posting its worst one-day plummet in almost 40 years.

The BDI, which serves as a market barometer for dry bulk shipping, slipped 5.9% on Wednesday to 1,176 points after dropping 17.5% on Tuesday to 12,50 points from 1,515 points on 23 December.

The Baltic Exchange did not report new rate data from 24 December to 2 January in observance of the Christmas and New Year holidays.