Main sea freight index at Baltic Exchange bounces back to 1000 points level

UNITED KINGDOM August 04 2017 2:28 PM

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities has bounced back to 1000 points level on Thursday mainly on increase 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, gained by 30 points to 1023 points on Thursday.
The BDI typically experiences weakness in the summer as shipping activity cools. We still have a few more months of summer left, but this year it may not be too soon for the BDI to start to rally on fall restocking. 
This week, iron ore prices surged amid indications of strong Chinese demand and a rush to secure supplies for the fall, even ahead of the typical restocking period.