Hyundai Glovis Bulk Carrier
[Asia Economy Reporter Dongwoo Lee] The global major shipping freight index, the Baltic Dry Index (BDI), surpassed the 3,150 mark, setting a new all-time high once again.
According to the shipping industry on the 5th, the Baltic Dry Index (BDI), a key indicator of bulk shipping freight rates, recorded 3,157 as of the previous day, breaking the record high just one day after the last peak. This represents an increase of 104 points compared to the previous trading day and a remarkable 449.04% rise compared to the same period last year.
The industry analyzed that the demand for Capesize bulk carriers (150,000-ton class), which mainly transport iron ore and coal, has increased, driving up overall freight rates.
Recently, as China's steel production margins have risen, the available vessels transporting high-quality Brazilian iron ore through the Atlantic routes are rapidly being depleted.
The 5TC daily average charter rate for Capesize bulk carriers, which are ultra-large bulk carriers of 180,000 tons, has also shown an upward trend, surpassing $30,000 on the 21st of last month and reaching $35,000 within a week.
The shipping industry expects China's iron ore imports to continue increasing steadily in the first half of this year. In particular, as the iron ore production of Brazil's 'Vale,' one of the world's largest mining companies, enters a recovery phase in the second half of the year, the upward trend of the BDI is expected to continue for the time being.
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