UNITED KINGDOM November 25 2016 1:10 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to decline on Thursday led by decline in cape and panamax index.
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 23 points to 1,201 points on Thursday.
A rise in BDI signals growing demand for goods and commodities, which in turn implies better economic activities across the globe. However, a drop in BDI usually means that shipping costs and commodities sales are dropping.