UNITED KINGDOM June 16 2017 2:35 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to fall on Thursday driven by lower 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, dropped further by 10 points to 855 points on Thursday.
The BDI’s value has been volatile in recent weeks, with the key shipping measure falling for fourteen straight sessions before turning higher last week.
But, the recent turn higher failed to garner any more support this week, with hire rates quickly hitting resistance following some modest increases.