Main sea freight index at Baltic Exchange plunges to 838 points

Published: Nov 3, 2016 08:56

Save

The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities plunged on Tuesday mainly due to weaker cape, panamax and supramax rate.

UNITED KINGDOM November 02 2016 4:07 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities plunged on Tuesday mainly due to weaker cape, panamax 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, down by 19 points to 838 points on Tuesday.

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 BDI’s recovery since hitting its record low last February has been largely due to increased demand from Asia for key cargoes such as iron ore and coal; therefore, a stagnation in this market could apply a lot of downward pressure to the BDI.

The main sea freight index at Baltic Exchange

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

56 mins ago

Shanghai Spot Copper Premiums Rise as Supply Declines and Downstream Buying Improves

[SMM Shanghai spot copper] Approaching the delivery of the SHFE copper 2606 contract, coinciding with copper prices falling to the range of 103,300-104,000 yuan/mt, downstream purchasing sentiment improved. Against the backdrop of declines in both domestic and imported supplies, the Shanghai region continued destocking, and Shanghai spot copper premiums further rose intraday compared to yesterday. Currently, mainstream deliverable sources are hard to find at discount quotes.

56 mins ago

1 hour ago

Court Orders Renewed Indigenous Consultation for Seabridge’s KSM Project

The British Columbia Supreme Court has ordered provincial authorities to revisit the consultation process for Seabridge Gold’s KSM project, ruling that the government failed to adequately consult the Tsetsaut Skii km Lax Ha Nation before determining the project had been substantially started. With an estimated capital cost of C$8.8 billion, KSM is one of the world’s largest undeveloped gold-copper projects and hosts approximately 7.3 billion pounds of copper reserves. The ruling could introduce additional uncertainty to the project’s permitting and development timeline, highlighting ongoing challenges related to Indigenous consultation and environmental approvals in Canada’s mining sector.

1 hour ago

Sierra Gorda and BHP’s Spence Mine Sign Cooperation Agreement to Improve Efficiency

Chile’s Sierra Gorda mine and BHP’s Spence operation have signed a memorandum of understanding (MoU) to evaluate collaboration opportunities in supply chains, operating processes and infrastructure aimed at reducing costs, improving efficiency and enhancing long-term competitiveness. Both operations are facing declining ore grades and increasing operational complexity. At the same time, BHP is advancing a concentrator expansion project at Spence, while Sierra Gorda is progressing an SX-EW project expected to produce approximately 30,000 tonnes of copper cathodes annually.

1 hour ago