Baltic Dry Index advance further to 849 points

Published: Jun 13, 2017 10:17

Save

The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities advanced further on Friday driven by higher cape, panamax and supramax rates.

UNITED KINGDOM June 12 2017 1:17 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities advanced further on Friday driven by higher 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, gained by another 25 points to 849 points on Friday.

The turnaround in the BDI last week has resurrected hopes that the BDI will continue its anemic price recovery. The week, the BDI’s change in momentum came from increased hire rates for the larger BDI component ships.

Prior to the week’s turnaround, the BDI was on a consistent downtrend for weeks as shipping demand fell around the globe. While the descent was attributed to the typical, seasonal slowdown, the pullback occurred earlier in the year than usual.

The early slowdown sparked concern that the BDI would sustain significant losses over the summer. The BDI fell as low as 818 points before turning higher. One-year ago, the BDI was trading around 610 points.

main sea freight index at Baltic Exchange

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Precious Metals Express]

Implats is reassessing the strategic value of its Waterberg PGM project. The company’s management recently stated that the revised Waterberg plan, following scale reduction and capital cost optimisation, is more attractive than previous versions, and the project has re-entered the group’s future growth pipeline. This development also reflects an increasingly pressing reality for South Africa’s PGM industry: projects capable of delivering incremental output at lower risk and reasonable capital intensity are becoming scarce.

1 hour ago

[SMM Precious Metals Express]

A major green hydrogen project in South Africa has taken another key step forward. Hive Hydrogen South Africa announced on September 15 that it has formally awarded the front-end engineering design (FEED) contract for its approximately USD 5.8 billion green hydrogen and green ammonia project to Spanish engineering firm Técnicas Reunidas. The project, now in the late development stage, is regarded as a flagship green hydrogen initiative in South Africa and one of the key demonstration projects under the European Union’s Global Gateway programme in the country.

1 hour ago

[SMM Precious Metals Express]

Valterra Platinum stated that its Mogalakwena PGM mine in Limpopo, South Africa, boasts an exceptionally large long-term resource base. Executive Head of Mining Operations noted at a value-chain media briefing that Mogalakwena holds approximately 285 million ounces of resources on a four-element (4E) basis. Based on the company’s current planned six-element (6E) annual production target of 900,000 to 1 million ounces, the mine’s potential resource life could exceed 300 years.

1 hour ago