Main sea freight index at Baltic Exchange continues to decline to 1,232 points

Published: Nov 23, 2016 17:48

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The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to decline on Tuesday led by a drop in cape and panamax rates.

UNITED KINGDOM November 23 2016 1:26 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to decline on Tuesday led by a drop in cape and panamax rates.

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 08 points to 1,232 points on Tuesday.

The Baltic Dry Index, which indicates the cost of moving major raw materials by sea, hit a 15-month high last week. The index has risen four times from the lows it hit in February this year.

Apart from a low base effect, the improvement in demand for bulk commodities has led to its rise. Iron ore restocking in China is said to have pushed the rates higher as well.

BDI

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