Baltic Dry Index up 4.18% at 2120 points

Baltic Dry Index up 4.18% at 2120 points

The Baltic Exchange's dry bulk sea freight index, which tracks rates for vessels transporting dry commodities, advanced for a sixth consecutive day on Thursday, reaching a nine-month high of 2,030 points. This marked a 6.5% increase from the previous session [1].

The index's surge was primarily driven by a significant rise in the bigger-size segment, notably the capesize index. This index, which typically transports 150,000-ton cargoes such as iron ore and coal, jumped 14.4% to a one-month high of 3,021 points [1].

The supramax index, which carries 50,000-60,000-ton cargoes, also contributed to the overall index's increase, rising 1.5% to 1,335 points [1]. Conversely, the panamax index, which usually carries 60,000-70,000 tons of coal or grain, fell for a second consecutive day, dropping 1.7% to 1,933 points [1].

This upward trend in the Baltic Dry Index reflects a strengthening global demand for dry bulk commodities, particularly iron ore and coal. The index's performance is closely watched by investors and financial professionals as it provides insights into the health of the global shipping and commodity markets.

References:
[1] https://www.tradingview.com/news/te_news:470965:0-baltic-dry-index-scales-over-9-month-high/