Baltic Dry Index dropsFriday 25 Nov 2011 The Baltic Dry Index, a leading indicator of economic activity, has fallen substantially over the past month. The index dropped about 20% over the past month, but has strengthened a little over the past week. The Baltic Dry sub-index for handy-sized vessels has also reversed its upward trend falling from a high of 839 points down to 668 points over the past month.Freight rates for logs were at the time of data collection mostly unchanged from last month. However a glut in shipping has seen prices drop $6-8 in the past fortnight, this has been caused by a significant drop in the number of ships going from the Pacific North West (PNW) to Asia. There are reports that the number of ships from the PNW has dropped from 25 last month down to 7. These ships have been left looking for loads and have brought some relief to New Zealand log exporters just in time. There is still some volatility in shipping rates with some further costs added to journeys due to delays at ports. This has not been factored into the price at the time rates were negotiated. Source: www.nzxagri.co.nz/agrifax |
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