Baltic Dry Index is provided by London based Baltic Exchange which calculates price of major raw materials transported through sea by considering 23 shipping routes. Baltic Dry Index has been at its highest levels since start of 2013. The index showed a surge of 57.44 percent to start from 698 on 1st January 2013 to 1099 on 5th July 2013 while touching 8-month high of 1179 on 1st July 2013. The heavy uptrend in February 2013 was because of stocking of iron ore and coal by Chinese steel companies ahead of Chinese New Year. Rise can also be attributed to movement of coal from Indonesia towards India and West Asia. This in turn signals towards increase in demand for raw materials in the world market. Along with Bulk rates it is expected that tanker rates would also follow similar pattern. The unrest in Egypt might force tanker vessels to avoid Suez Canal and take path via Cape Town which would increase their costing resulting in increasing freight rates in the near term.
In the past the index experienced slow down as there was a reduced demand across globe. However with Baltic Dry index surging up in 2013 it is expected that there would a rise in demand of raw materials across the globe going forward.
Below graph shows Baltic Dry Index since January 2013
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