Baltic Dry Index Up Again
The Baltic Dry Index, the benchmark guide to drybulk shipping rates on 40 routes across the world, rose 8.8 percent yesterday to close at 1,974 - the index's 16th consecutive daily gain.
After rising 53.5 percent last week alone, the index has already added to those gains with a further 20 percent gain already Monday/Tuesday this week.
A London broker said fewer ships were available in Europe to meet charterers' needs for promptly available tonnage, which was why "better numbers" were being seen.
A large number of Black Sea and Mediterranean cargoes have come onto the market, with iron ore cargoes dominating the list, brokers said.
After rising 53.5 percent last week alone, the index has already added to those gains with a further 20 percent gain already Monday/Tuesday this week.
A London broker said fewer ships were available in Europe to meet charterers' needs for promptly available tonnage, which was why "better numbers" were being seen.
A large number of Black Sea and Mediterranean cargoes have come onto the market, with iron ore cargoes dominating the list, brokers said.