Baltic dry index retreats from 2-year high

The Baltic Exchange's main sea freight index, a benchmark for global dry bulk shipping rates, retreated on May 8 after touching an over two-year high the previous day, bringing an end to a five-session winning streak.

On Friday, the overall index, which comprises rates for Capesize, Panamax, and Supramax vessels, fell by 56 points, or approximately 1.9%, from the previous day to settle at 2,978 points. A day earlier, the index had risen to its highest level since 2024 at 3,034 points after rising for