Main sea freight index at Baltic Exchange falls to 1470 points
LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities has fell to 1470 points on Thursday led by lower cape, supramax and panamax 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, dropped by another 21 points to 1470 points on Thursday.
However, 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.