Baltic Freight Index lost 4% last week due to reduction of trading activity in the Pacific region

23.03.2018

Last week Baltic freight index lost 47 points or 3.93%, amounting to 1150 points. The reduction in cargo transportation intensity by large-capacity vessels was the main bearish driver for the Baltic Dry Index, reports UkrAgroConsult.

Last week, Capesize Index lost 251 points or 16.86%, due to the reduction of trading activity in the Pacific region and persisting passivity in the Atlantic sector. It should be noted that the index of large tonnage transportation by Capesize-type vessels reached the minimum over the last 7 months. Freight rates for deliveries of iron ore raw materials on the route Western Australia - China were lowered to USD 6/MT, which had been triggered by large stocks of previously produced steel in the PRC.

 

UkrAgroConsult

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