The Baltic index, went down 6.9% to 2,014 on Wednesday, but still remained at levels not seen since January 2014. Prices went up as much as 57% since the beginning of the year, supported by higher demand for vessels shipping iron ore to China as mines run by Vale SA in Brazil resumed production following a dam accident in January.
Also, the index may have been boosted by lower ships availability due to installation of scrubber as the shipping companies are preparing for new international rules taking effect next year that aim to slash the amount of sulphur in marine fuel.
