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NEW YORK — The Baltic Dry Index closed up 22 points, at 2774 on Monday, continuing a trend that began last week on improving European and Asian economies.
The index is an indicator of demand for raw materials in the global economy. It is managed by the Baltic Exchange in London and measures dry bulk shipping rates on 40 shipping routes on a time charter and voyage basis.
Dry-bulk vessels carry raw materials such as coal, grain and steel around the world.
The average daily spot rate for a medium-sized vessel was just over $19,400 on Monday. That compares with rates of about $50,000 per day a year ago. Shippers can get lower rates by chartering vessels for extended periods.
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