Why does the BDI index rise?

August 14 - The dry bulk freight index of the Baltic Trade Exchange increased on Thursday, as the Capesize freight rate rose sharply.

The dry bulk freight index rose 71 points, or 8.15%, to 942 points. The index recorded the largest one-day percentage increase since November 28, 2013. The index measures the transportation costs of iron ore, cement, grain, coal, and fertilizers.

The Baltic Freight Index rose by 336 points, or 21.73%, to 1,882 points. The percentage increase was the largest since 1999. The average daily profit rose by 1,859 U.S. dollars to 13,677 U.S. dollars. This type of ship usually carries 150,000 tons and carries goods such as iron ore or coal.

The Baltic Panamax Freight Index climbed 65 points, or 9.64%, to 739 points. Average daily profit rose 522 US dollars to 5,883 US dollars. The type of ship usually carries between 6 and 70,000 tons.