UNITED KINGDOM May 11 2017 1:38 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities slipped to 1,005 points on Wednesday mainly due to lower supramax index.

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, down by 02 points to 1005 points on Wednesday.

The BDI is just coming off of a massive sell-off which saw the key shipping measure falling from a recent peak of 1,333 points in late March down to 994 points last week. On Wednesday it closed at 1005 points.

The recent sell-off involved some steep daily losses, and when the downside was snapped this week the ascent has been very modest, suggesting that some near-term balance has been found.