Main sea freight index at Baltic Exchange gains further

UNITED KINGDOM June 01 2016 8:21 AM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities gained after a week of consecutive drop on Tuesday due to higher demand for larger vessel segments.

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 6 points to 612 points on Tuesday.

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.