Main sea freight index at Baltic Exchange falls to below 1100 points

UNITED STATES May 03 2017 12:51 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities fell to below 1100 points on Tuesday mainly due to the lower cape, 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, fell by another 36 points to 1073 points on Tuesday.

Meanwhile, it is possible that the panamax is facing overall pressure due to the high availability of larger ships combined with China’s insatiable demand for raw materials.