Published: Monday, January 20, 2025 · 3:10 PM | Updated: Monday, January 20, 2025 · 3:10 PM
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The Baltic Dry Index (BDI), an indicator tracking shipping freight rates for dry bulk commodities, has fallen to its lowest point in over 19 months, reaching 957 points. This marks a 3.04% decline from the previous figure and represents the fifth consecutive day of decrease.
The index’s drop is driven by declining rates across all vessel categories. The Capesize Index (BCI) decreased by 66 points, or 4.74%, hitting a two-week low of 1,327 points. Capesize vessels, which typically transport large cargoes such as iron ore and coal, saw average daily earnings drop by $547 to $11,008.
The Panamax Index (BPI) fell by 4 points to 893, marking its lowest level since February 2023. Panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, experienced a $34 decrease in average daily earnings, now at $8,036.
The Supramax Index (BSI), which tracks smaller vessels, also declined by 20 points to 727 points.
Despite these declines in shipping rates, iron ore futures have risen for the eighth consecutive trading session, buoyed by potential easing of tensions between China and the United States, which has positively impacted market sentiment.
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