Baltic Bulk Index Climbs 0.7% to 2,980

Baltic Dry Bulk Freight Index Reaches One-Month High

The Baltic Exchange’s main dry bulk freight index (BADI) added 20 points, or 0.7%, to reach 2,980 on Tuesday, marking its highest reading since early June. The capesize segment of the index rose 49 points, or 1%, to 4,751, also the highest level in over a month, while average daily earnings for capesize vessels – which typically haul 150,000‑ton cargoes such as iron ore and coal – increased by $445 to $39,583 per vessel. The panamax index gained a modest 1 point, moving to 2,251.

Iron ore futures rose as an escalation in the Strait of Hormuz lifted freight costs. A strike at BHP’s Port Hedland operations added to supply concerns, and strong restocking demand from Chinese steel mills supported freight prices.