Main sea freight index at Baltic Exchange continues to decline

Published: Jul 26, 2016 21:10

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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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