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Baltic Dry Index gains to above 1400 points

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LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities has gained to above 1400 points on Tuesday driven by an increase in cape, supramax and panamax 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, climbed by another 17 points to 1415 points on Tuesday.

The Baltic Dry Index has been climbing for weeks, after China started restocking raw materials earlier than usual in preparation for a government enforced cutback on emissions later in the year.

While the BDI started to rally earlier than usual, shipping brokers are positive over the near term and predict the BDI could climb up to its resistance level of 1700 points.

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