Main sea freight index at Baltic Exchange plunges to below 950 points

UNITED KINGDOM July 28 2017 12:43 PM
 
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities plunged to below 950 points on Thursday mainly on lower 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, down by another 26 points to 942 points on Thursday.

The BDI has wavered since it rallied to a peak above 1300 points amid restocking demand in the spring, but at almost 1000 points the BDI isn’t too far below that level. 

The recent winning streak has come as hire rates for all BDI component vessels have ascended.