The Baltic Dry Index (BDI) is an economic indicator issued by the London-based Baltic Exchange. The index provides an assessment of the price of moving major raw materials by sea, it covers Handysize, Supramax, Panamax and Capesize dry bulk carriers carrying a range of commodities including Coal, Iron ore and grain.
The Baltic Exchange’s main sea freight index rose on Thursday as rates for Capesize vessels surged higher, backed by stronger rates for other vessel segments.
The overall index, which factors in rates for Capesize, Panamax, supramax and handysize shipping vessels, was up 50 points, or 6.2%, its biggest intra-day percentage change in over 3 months, to close at 856 points.
The Capesize index jumped 183 points, or 19.24% to end at 1,134 points.
“The market has increased a lot in the Pacific as the West Australia-China route finally woke up after the Chinese New Year,” Said a trader on Wednesday.
Average daily earnings for Capesizes, which typically transport 150,000 MT cargoes such as iron ore and coal, were up USD1,386 at USD 9,094.
The Panamax index rose 19 points, or 2.09%, to 927 points. Average daily earnings for Panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 MT, increased USD 151 to USD 7,446.
Among smaller vessels, the supramax index rose 14 points to 797 points, while the Handysize index rose 10 points to 420 points.
Leave a Reply