Baltic dry index nears two-year high

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, increased steadily over the past few weeks and neared a two-year high on Thursday. The bullish momentum was mainly supported by a strong rise in Capesize vessel rates.

The overall index, which includes rates for Capesize, Panamax, and Supramax vessels, had risen for 11 trading days in a row to 2,480 points by November 27, up by 79 points or 5.3% on day and marking its highest level since December 2023. Notably, the index for Capesize vessels, which