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Main sea freight index at Baltic Exchange reaches nearly 3-year high

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LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities has reached its highest levels in nearly three years on Monday driven by sharp 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.

Solid Chinese demand for coal and iron ore accounted for most of the strength in the shipping sector in general, with gains in the largest capesize class of vessels accounting for nearly all of the recent advances in the BDI, according to a report from Bimco (the Baltic and International Maritime Council).

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