Baltic Dry Index jumps 4% to fresh October 2021 high
Baltic Exchange’s dry bulk freight index extended gains for a third session, rising 4% to 3,628 points, a fresh high since October 2021. The capesize index added 6.4% to 6,427; supramax rose 0.4% and panamax fell 0.4%.
The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, extended its upward trend for a third session on Friday, climbing by 4% to a fresh high since October 2021 at 3,628 ponts.
Shipping rates have risen sharply as strong demand for commodities, particularly iron ore and coal, meets tight vessel supply and longer routes caused by geopolitical disruptions.
The capesize index, which typically transports 150,000-ton cargoes including iron ore and coal, also advanced for a third day, surging 6.4% to a new peak since December 2023 at 6,427 points.
At the same time, the supramax index rose by 0.4% to 1,675 points.
Meanwhile, the panamax index, which tracks vessels carrying around 60,000 to 70,000 tons of coal or grain, halted a recent run of gains and fell 0.4% to 2,448 points.