(Phil Franz-Warkentin – Commodity News Service Canada)
The Baltic Dry Index has seen some strength over the past two months, rising to its highest levels in nearly three years.
The BDI settled Monday at 1,355 points, having gained roughly 500 points over the past two months. The index was last this high in November 2014.
The BDI is compiled daily by the London-based Baltic Exchange and provides an assessment of the price of moving major raw materials by sea, including grain.
Solid Chinese demand for coal and iron ore accounted for most of the strength in the shipping sector in general, with gains in the largest capesize class of vessels accounting for nearly all of the recent advances in the BDI, according to a report from Bimco (the Baltic and International Maritime Council). Click here to read more.