UNITED KINGDOM July 06 2017 3:36 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities fell to below 850 points on Wednesday led by a drop in 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, dropped by another 24 points to 847 points on Wednesday.
The Baltic Dry Index fell on Wednesday, its fifth-straight session of losses as shipping rates fluctuated in concert with changing demand to transport raw goods.
Typically, the summer is the time of consistent downside for the Baltic Dry Index, as seaborne trade activity slows as construction and building activity is lower while it is a bit of a “lull” season when it comes to soft commodity transit.