Main sea freight index at Baltic Exchange gains further to 1338 points

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities gained further to 1338 points on Wednesday led by higher panamax rate.
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 5 points to 1338 points on Wednesday.
The index rose 4% Wednesday to trade at its highest level in more than two years. It’s surged more than 55% in March, leaving it with a nearly 39% rise in the year to date.
The Baltic index’s surge comes as some analysts and investors are taking a more upbeat view on the long beaten-down shipping industry.