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.