UNITED KINGDOM June 23 2017 2:34 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities gained on Thursday boosted by higher 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, advanced by 11 points to 855 points on Thursday.
The BDI went through a big sell-off since peaking in March, but then stabilized. Now, the BDI seems caught in the 840-900 range with modest price movements, but the overall trend to the downside.
Recently, capesize rates have been controlling movement. This is typical for the market and a look ar the capesize paper market shows that the BDI’s downside could end even before fall, and the restocking season hits.