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Baltic Exchange Index Posts First Weekly Gain in Four

Steadier Rates for Capesize Vessels Help Lift Index

Shipping Industry Sees Positive Momentum

London, August 9, 2023 - The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, marked its first weekly gain in four on Friday, helped by steadier rates for capesize vessels.

The Baltic Dry Index (BDI), which measures shipping costs for major dry bulk commodities, rose 1.4% to 736 on Friday, its first weekly gain since the week ended July 15.

Average daily earnings for capesize vessels, which typically transport iron ore and coal, rose by 1.9% to $12,253.

Rates for other ship types remained largely unchanged, with panamax and supramax vessels seeing modest gains and handysize vessels seeing slight losses.

The rise in the BDI suggests a slight improvement in shipping demand, although it remains below the levels seen earlier this year.

Shipping industry analysts believe that the recovery in the Baltic Exchange Index is likely to continue in the coming months, supported by the continued demand for dry bulk commodities, particularly from China.

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