UNITED KINGDOM October 25 2016 4:20 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities fell further on Monday, with shipping commenting that while cargoes remain plentiful.
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 11 points to 831 points on Monday.
The customers are taking a wait-and-see approach, hoping for a further fall in shipping rates with the typical, seasonal slowdown approaching.
The latest update on BDI component ships showed that capesize, panamax, and supramax rates continue to fall, while handysize rates have held steady.