The Baltic Dry Index for bulk cargo shipping has surged by nearly 10% due to a sharp increase in the rates for Cape-size vessels.

The Baltic Dry Index continues to hit a nearly two-year high, driven by a sharp increase in Cape-size vessel rates. The Baltic Dry Index rose by 245 points or 9.4% from the previous trading day to 2845 points, reaching a new high since December 2023. The Cape-size vessel rate index rose by 754 points or approximately 16.3% to 5384 points, the highest level since December 2023. The daily profit for Cape-size vessels increased by $6245 to $44672. The Panamax vessel rate index decreased by 23 points or 1.2% to 1892 points. The daily profit for Panamax vessels declined by $205 to $17038. The Supramax dry bulk carrier rate index increased by 3 points to 1444 points.