Baltic Dry Index (BDI)

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The Baltic Dry Index (BDI) is a daily composite index of dry bulk shipping rates published by the Baltic Exchange in London. It is built from panellists’ assessments of time-charter rates on standard routes for Capesize, Panamax, and Supramax vessels, weighted and combined into a single headline number.

The BDI has a following well beyond shipping: because dry bulk carries the raw materials of industry, the index is often read as a leading indicator of global economic activity — famously spiking near 11,800 points in May 2008 before collapsing below 700 by the end of that year as the financial crisis struck.

Within the industry, its component indices (and their underlying route assessments) matter more than the headline: they settle Forward Freight Agreements (FFAs), the derivative contracts used to hedge freight exposure, and index-linked charters increasingly tie hire directly to Baltic assessments. Interpreting the BDI as a pure demand signal warrants caution — it reflects the balance of cargo demand against fleet supply, so a wave of newbuilding deliveries can depress the index even with trade growing.