UNITED KINGDOM August 09 2017 1:29 PM
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities has climbed further to 1038 points level on Tuesday thanks to rising 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 another 02 points to 1038 points on Tuesday.
The Baltic Dry Index is now at its highest price since the beginning of May, and that says something very significant about the BDI.
May is typically a period of high demand for shipping as economies around the world stockpile raw materials ahead of summer. This period of stocking up is typically followed by a lull, and then activity starts to pick up again in the fall.