BDI at record high
The Baltic Dry Index (BDI), an index of the international dry cargo freight market, stood at 2,105 points on 17 March. The BDI thus reached its highest value since 4 September 2019, when it scored 2,518 points, the record in almost nine years.
By size, the panamax index, covering ships that usually transport loads of between 60,000 and 70,000 t of grain or coal, reached 2,583 points, its highest level since September 2010. Its average daily income reached USD 23,245.
According to Bimco chief analyst Peter Sand this improvement is due to excess demand for the transport of grain from the USA and South America to China, coupled with the lack of panamax vessels available in the North Atlantic area.
The capesize index also rose to 2,162, its highest level since January 26, and the average revenue of these ships, which carry loads of coal or iron ore of around 150,000 t, rose to USD 17,931 per day.
Coking coal futures in the Chinese market rose more than 5% on 17 March, to their highest level in almost a month, driven by supply concerns and strong demand. The supramax index reached 2,091 points, its highest level since April 2017. (cd)