Main sea freight index at Baltic Exchange finally breaks 900 points mark

UNITED KINGDOM September 22 2016 5:51 PM     

LONDON (Scrap Register): The main  sea freight index at Baltic Exchange for ships carrying dry bulk commodities  shot up 38 points a day on Wednesday finally broke 900 points for the first time  since the end of October 2015.

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 38 points to 903 points on Wednesday.

The Baltic Dry  Index has climbed from 475 at the end of 2015 to highs of 804 last week, an  increase of 69.3%. Even more impressive is the move from February 11, when the  BDI dropped to all-time lows of 290, since that date the index is up over  177%.