FX.co ★ Baltic Dry Index Jumps to 2023-Highs

The Baltic Exchange’s dry bulk freight index, which measures shipping rates for vessels transporting dry bulk commodities, climbed 5.5% to 3,331 points on Wednesday, its highest level since December 2023. Gains were broad-based and driven primarily by the larger vessel segments.

The capesize index, which covers vessels typically carrying around 150,000 tons of cargo such as iron ore and coal, surged 8.1% to 5,642 points, also the highest since December. The increase was underpinned by robust activity in both the Atlantic and Pacific basins, despite softer iron ore futures.

The panamax index, tracking ships that usually haul about 60,000 to 70,000 tons of coal or grain, rose 2.9% to 2,429 points, a high of more than three weeks and its eighth consecutive session of gains.

Among the smaller vessel classes, the supramax index extended its advance, edging up 0.7% to 1,657 points.