The Baltic Exchange’s main ocean freight index rose for the twelfth consecutive trading session Wednesday thanks to higher rates for panamax, supramax and handysize dry bulk vessels.
The Baltic Dry Index (BDI) may be crawling back to life after falling to record lows in February.
The Baltic Exchange’s main ocean freight index rose for the twelfth consecutive trading session Wednesday thanks to higher rates for several dry bulk vessel categories.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose seven points or 1.25 percent to 567 points.
Individual portions of the BDI that showed increases included the panamax index, up 12 points to 678 points; the supramax, up 8 points to 506 points; and the handysize index, up six points to 296 points.
Average daily earnings for panamaxes, which typically carry coal and grain cargoes that range from about 60,000 to 70,000 metric tons, rose $99 to $5,407.
The capesize index remained flat at 744 points as average daily earnings for capesizes, which transport cargoes such as iron ore and coal of around 150,000 metric tons, fell $22 to $5,515.
Baltic Dry Index crawls back to life
