Main sea freight index at Baltic Exchange advances further to 613 points

UNITED KINGDOM May 17 2016 3:28 PM     

LONDON (Scrap Register): The main  sea freight index at Baltic Exchange for ships carrying dry bulk commodities  advanced further to 613 points level on Monday mainly due to stronger rates for  capesize vessels.

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,  advanced further by 13 points to 613 points on Monday.

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.