UNITED STATES November 03 2016 4:03 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to decline on Wednesday mainly on lower 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 another 04 points to 834 points on Wednesday.

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 Baltic Dry Index recently hit a one-year high of 941 on September 23, but has dropped 107 points since then as of November 04.