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Baltic Dry Index continues to rise
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Release time:2020-10-23
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The Baltic Dry Index, a measure of dry bulk shipping rates, rose again on Wednesday, helped by higher freight rates for Panamax and smaller vessels.
The overall dry bulk index rose 3 points to 335. The index measures the cost of transporting resources such as iron ore, cement, grain, coal, and fertilizer.
The index has rebounded slightly after hitting a record low of 290 on February 10. In May 2008, it reached a peak of 11793.
The Baltic Capesize index fell 3 points to 171, a new record low. Daily earnings fell $36 to $2291. These vessels typically carry 150,000 tons.
The dry bulk market is expected to remain under pressure due to weak demand for commodities, particularly from China, the world's largest importer.
The Baltic Panamax index rose 7 points to 364. Daily earnings increased by $51 to $2920. These vessels typically carry 6-70,000 tons.
The Supramax index rose 5 points to 350. The Baltic Handysize index rose 3 points to 220. (Reuters)
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