Main sea freight index at Baltic Exchange continue to rise to 1084 points
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to rise to 1084 points on Tuesday lifted by higher 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 another 19 points to 1,084 points on Tuesday.
In the last month, the Baltic Dry Index has recovered to the same level it was 12 months ago. Vessel values have started to firm, but not at the same rate and are still at historically low levels. In the last 12 months, contrarian owners have taken advantage of the low values and have been buying cheap tonnage.
With hindsight, this looks to have paid off with many values having increased above the purchase price. Vessel Value has provided an outline looking at which dry bulk owners have been buying the most in the last year.