Main sea freight index at Baltic Exchange gains further to 1355 points
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities has gained further to 1355 points on Monday led by 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, gained by another 23 points to 1355 points on Monday.
With the BDI now trading at its highest level in five months, the 2017 record will likely be surpassed next week with all of the BDI ships showing resilience.
The panamax market has already benefitted from increased demand to ship coal. Thermal coal shipping should continue through the remainder of the year to support increased use during winter in the Northern Hemisphere. Then, next month soft commodity shipping demand should pick up as harvest seasons starts.