Main sea freight index at Baltic Exchange advances further to 921 points
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities advanced further on Friday, amid some increased optimism for shipping demand when Chinese businesses open from their week-long holiday this Monday.
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 06 points to 921 points on Friday.
Chinese markets are closed last week, and that could have impacted shipping demand into China last week ahead of the holiday, while decreased demand likely also persisted into the week.
But, the slowdown will likely result in an uptick in activity this week as users of commodities play catch-up, continuing their seasonal stockpiling ahead of winter.