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Main sea freight index at Baltic Exchange continues to decline

iconJul 26, 2016 21:10
Source:SMM
The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to decline on Monday mainly due to weaker cape, panamax and supramax rates.

UNITED KINGDOM July 26 2016 5:47 PM     

LONDON (Scrap Register): The main  sea freight index at Baltic Exchange for ships carrying dry bulk commodities  continued to decline on Monday mainly due to weaker cape, panamax and supramax  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, down by another  09 points to 709 points on Monday.

After rallying for weeks, the Baltic  Dry Index appears to be cooling, and decreased on Monday. The Baltic Dry Index  has gone through a recent period of strength, boosted by increased demand to  transport coal and iron ore to China while overall, strong demand to transport  grains amid peak harvest season provided underlying support.

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.


The main sea freight index at Baltic Exchange

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