Baltic dry index rises as Hormuz risk boosts freight costs

The Baltic Exchange's main sea freight index, which tracks global rates for ships carrying dry bulk commodities, increased on Monday, as rising geopolitical tensions around the Strait of Hormuz drove up freight costs across the bulk shipping market.

By March 2, the overall index – comprising rates for Capesize, Panamax, and Supramax vessels – had risen by 47 points from February 27 to 2,187 points, marking the highest level so far this year. The gains followed the weekend escalation of conflict in the Middle East involving the