UNITED KINGDOM May 30 2017 12:26 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities stayed flat at 912 points on Monday driven by 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, remained steady at 912 points on Monday.
It is typical for the BDI to lose value starting in late spring, with the losses continuing through the summer as shipping activity quiets.
About 9-years ago the BDI set its record high of over 11,000 points during May. The index then plunged, losing 63% of its value in one year and continuing its loss until February 2016 when it bottomed at 290 points.