UNITED KINGDOM February 22 2016 10:35 AM

LONDON(Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities advanced further to 315 points on Friday lead by an increase in cape, panamax and supeamax rates.

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, rose further by 2 points to 315 on Friday.

The sector has been particularly hurt by slower Chinese business at a time when the market is struggling with huge vessel overcapacity. The index ticked up this week on optimism over a revival of demand for some commodities in China such as Iron Ore.

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 Wednesday, February 10 2016, when the index plummeted to 290 points.