Baltic Dry Index down 11.37% following curbs by Colombia

[LONDON] The cost of hauling coal and other commodities had its biggest one-day percentage drop on record after Colombia restricted some exports by Drummond Co, driving down cargoes from the country.

The Baltic Dry Index fell 11.37 per cent to 1,512 points on Friday, according to the Baltic Exchange in London. That exceeded a 11.27 per cent slide in October 2008.

Lower rates can cause prices to become more volatile in percentage terms, meaning it's more useful to measure them in absolute terms, said Bill Lines, an external Baltic Exchange spokesman.