Baltic Dry Index hits more than two-year high

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities rose further to 1333 points, its highest level in more than two years, on Tuesday boosted by higher 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, climbed by another 51 points to 1333 points on Tuesday, touched its highest level since November 2014.
Baltic Dry Index was quoted Tuesday at 1,333 points on higher demand for larger vessels. Baltic Dry Index up by about 500 points over the past month, and well above the record low of 290 from February 10, 2016.
The Baltic Dry Index hit its highest on May 20, 2008 when it rose to 11,793 points while it hit its lowest mark at 290 points last year on 10th of February.