UNITED KINGDOM June 20 2017 12:47 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to fall on Monday driven by lower 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, dropped further by 03 points to 852 points on Monday.
The BDI staged a fairly consistent recovery since it fell to a record low of 290 points in February 2016, with an increase in cargoes and a decrease in available ships supporting the recovery, but this spring downside has hit.
The BDI is down since peaking at 1,338 points in March. Even though the BDI has been regrouping, it is still well below its peak of above 11,000 points..