UNITED KINGDOM May 04 2017 2:36 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to fall to below 1050 points on Wednesday led by the lower cape, panamax and supramax indices.
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 39 points to 1034 points on Wednesday.
The BDI had enjoyed an aggressive rally prior to the recent sell-off, but over the past two weeks hire rates for all BDI component ships retreated. However; the larger BDI component ships have felt the most pressure.