Baltic Dry Index shoots up nearly 50% over the last month

UNITED KINGDOM December 01 2016 2:29 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities advanced slightly to 1,204 points on Wednesday mainly due to a rise in panamax and supramax indices.

The Baltic Dry Index, which provides an assessment of the price of moving the major raw materials – such as coal, iron ore and grain – by sea by taking in 23 shipping routes measured on a time charter basis, gained by 2 points to 1,204 points on Wednesday.

Main sea freight index at Baltic Exchange shot up nearly 50 percent over the last month. The rise in the index, which is often considered as an indicator of globalization and future economic growth, accelerated with Trump’s victory despite concerns over his anti-globalization views.