Baltic Dry Index at Over 2-Week High

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, was up for a second session on Thursday, rising by 2.3% to its highest since October 13 at 2,712 points.

The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, also advanced for a second day, surging by 5.3% to its highest since October 12 at 4,090 points.

The continued increase was likely mirrored firmer iron ore prices, on rising Chinse steel mill production and higher freight rates amid expectations of higher demand.

On the other hand, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, declined further by 2.2% to its lowest level since April 14 at 1,921 points.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →