The Baltic Exchange's dry bulk freight index, which monitors rates for vessels transporting dry bulk commodities, advanced for a second consecutive session on Thursday. The index surged by 4.7%, reaching 3,488 points, according to Hellenic Shipping News.
This latest increase marks the highest level for the index since October 2021. The publication noted that shipping rates have seen a significant rise.
The surge in rates is attributed to an increased demand for commodities. Specifically, the source mentioned iron ore, coal, and other bulk commodities as key drivers behind this trend.
