UNITED KINGDOM November 15 2016 10:35 AM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities advanced further to 1065 points on Monday boosted by higher cape, panamax and supramax indices.

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, gained another 20 points to 1,065 points on Monday.

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. 

In BDI market news, Singapore Exchange completed its takeover of the Baltic Exchange. The deal received UK regulatory approval last month after Baltic shareholders unanimously approved the takeover.