UNITED KINGDOM April 18 2017 2:23 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities stay unchanged at 1296 points on Monday mainly due to higher panamax and supramax 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, stayed at 1296 points on Friday. In late March, the BDI capped at 1338 points – its highest price point since late 2014.
The Baltic Dry Index has so far enjoyed an impressive spring rally amid solid demand from China for raw materials and grains.
Hire rates for all component ships have gone through a recent bought of strength, with capesize hire rates increasing as demand for iron ore imports grew, while panamax hire rates are seeing strength from harvest season.