Main sea freight index at Baltic Exchange declines further to 1,162 points

UNITED KINGDOM December 08 2016 1:31 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities declined further to 1,162 points on Wednesday mainly due to a drop cape 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 further by 24 points to 1,162 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.