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Baltic Dry Index Definition

Baltic Dry Index (BDI) can be defined as a number that is issued daily by the London, England which is based on the Baltic Exchange. It is not limited to Baltic Sea countries and the index provides "an assessment of the price of moving the major raw materials by sea taking in 23 shipping routes measured on a time charter basis.

Every working day, a panel of international shipbrokers submits their view of current freight cost on various routes to the Baltic Exchange and these routes are meant to be representative which is large enough in volume to matter for the overall market. These rate assessments are then weighted together to create both the overall BDI and the size specific indices and the BDI factors in the four different sizes of oceangoing dry bulk transport vessels.

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The BDI contains route assessments based only on time-charter hire rates "USD paid per day" and the fuel (="Bunkers") is the largest voyage dependent cost and moves with the crude oil price and if the bunker costs fluctuate significantly, BDI will move more than the shipowners' realized earnings. The index can be accessed on a subscription basis directly from the Baltic Exchange as well as from major financial information and from the news services such as Macrobond Financial, Thomson Reuters etc.

On 20 May 2008, the index came to the record high level since its introduction in 1985, reaching 11,793 points and half a year later, on 5 December 2008, the index had dropped by 94%, to 663 points.

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By the end of 2008, shipping times had been already increased by reduced speeds to save fuel consumption, but without credit, it meant the reduction of the letter of credit and it required to load cargoes for departure at ports. Debt load for the construction of the future ship was also a problem for shipping companies, with several major bankruptcies as well as implications for shipyards and this combined with the collapsing price of raw commodities created a perfect storm for the world's marine commerce.

During 2009, the index came as high as 4661 and again bottomed out at 1043 in February 2011, after continued deliveries of new ships and Queensland floods and on 3 February 2012, the index made a new multi-decade low of 647 on a continued glut of dry bulk carriers and decreases in orders of iron and coal.

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