Britain uncertainty over EU exit lifts Baltic Dry Index above 650

UNITED KINGDOM July 01 2016 3:16 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities rose above 650 points on Thursday mainly due to some uncertainty over how the UK’s exit from the European Union will impact the shipping industry. 

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, up by another 20 points to 660 points on Thursday.

The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on February 10 2016, when the index plummeted to 290 points.