Main sea freight index at Baltic Exchange declines after back to back gains

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities declined to 968 points on Wednesday mainly on lower cape, 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, down by 12 points to 968 points on Wednesday.
This effectively ended a mini-rally for the BDI which saw it climbing from a little over 800 points up to 977. 
The rally was propelled by higher hire rates for all BDI component ships, and at one point it appeared that the BDI would cross above 1000 points for the first time since May. Now, capesize rates have pulled back and that contributed to the BDI’s fall on Wednesday.