LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities declined further to 1215 points on Thursday mainly due to lower cape index.
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 another 08 points to 1215 points on Thursday.
Driving the recent rally was increasing demand to transport iron ore to China ahead of peak construction season. A surge in demand for capesize ships to transport iron ore was central to the rally.
However, this week capesize demand retreated in concert with Chinese holidays. Other ships also saw a retreat in hire rates, according to Freight Investors Service.
