UNITED KINGDOM November 01 2016 2:47 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities gained further to reach above 850 points mark on Monday mainly due to strong cape and supramax rate.
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, advanced by another 23 points to 857 points on Monday.
The reversal in the BDI after many sessions of losses could have been from some bargain hunting as the mood surrounding shipping activity remains muted.
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.