Friday, June 19, 2009

Baltic dry freight index rises

Index gains over 18 percent over the last week
Shipping News Feature

LONDON - The Baltic dry freight index, BADI, has risen a further 1.17 percent it was reported yesterday.The index, which tracks the cost of ship dry commodities such as has iron ore, grain and coal, has gained nearly 18 percent overall in the last week. Its rise is the result of a recovery in demand of cheap iron ore, the primary material used in steel production.

The Baltic's Capesize index ,BACI, which tracks costs for vessels typically hauling 150,000 tonne cargoes such as iron ore, rose 1.98 percent to 7,980 points on Thursday.

(picture: mined iron ore)