UNITED KINGDOM June 15 2016 2:03 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities edged down on Tuesday mainly due to weaker demand for smaller vessels and panamaxes, partially offset by higher demand for capesizes.
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, down by 1 points to 608 points on Tuesday.
The Baltic Dry Index continued to trade in the 600-610 point range for the second week in a row, indicating that the market has hit a balance point since rallying off of the all-time low it hit in February.
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.