Baltic Dry Index finally turns higher at 1001 points

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities finally turned higher on Monday driven by the increase in 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, up by 07 points to 1001 points on Monday.
After an early spring rally the BDI has now given up a big chunk of its gains and has appreciated just 3.4% this year, but it is 57% higher than it was one year ago. 
The recent downside has come as cargoes have thinned while the glut of ships has meant a great deal of competition for the cargoes which has left shippers willing to slash rates.
The key shipping measure has been on a downside trajectory since early April when it peaked at 1,296 points, just slightly below its fall peak.