UNITED KINGDOM May 12 2017 1:34 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities gained to 1,012 points on Thursday boosted by higher cape 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, gained by 07 points to 1012 points on Thursday.
It is typical for the BDI to ascend in spring due to higher demand for raw materials as countries stock up for the summer construction season while harvest time for some soft commodities also supports demand.
Then, a summer lull follows and the BDI generally sees downside pressures until the fall when winter restocking picks up in earnest.