MARITIME BUSINESS LEADERS
BREAKING NEWS
Baltic Dry Index Breaks 3-Day Decline
The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, halted its three-day losing streak on Wednesday, rising about 1.9% to 2,652 points. The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, climbed roughly 5% to a two-week high of 3,886 points, reversing three consecutive sessions of declines. The surge was likely driven by firmer iron ore prices as resumed Chinese steel mill production and restocking boosted expectations for stronger seaborne cargo demand. Meanwhile, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, fell further by 2.8% to its lowest level since late April at 1,965 points; and the supramax index went down by 0.3% to a one-week low of 1,878 points.
Source: Trading Economics
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