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April 09, 2025BALTIC DRY INDEX, JANUARY - APRIL 7, 2025 The Baltic Dry Index (BDI) measures procurement costs of shipping raw materials by sea.
The BDI recently peaked at a value of 3,346 on December 4, 2023. In the subsequent weeks, the value of the index fell sharply, declining by 60.9% by mid January 2024 at a value of 1,308. The index was volatile in the first half of 2024 and has declined in the third and fourth quarter of 2024. The current index increased 164.3% over the most recent low (February 16, 2023) of 530, and declined by 58.1% from 3,346, the most recent high on December 4, 2023. The value of the BDI was recently as high as 5,650 in October 2021 as post-pandemic supply chain problems peaked.
There has been a recent concern regarding shipping since the beginning of 2025 by a range of countries imposting tariffs In January 2, 2025 the BDI posted an index value of 1029. Since then it declined to 715 on the January 30, 2025. In the subsequent two months the index increased to 1669 (March 14, 2025), falling off to 1598 by March 31, 2025. Currently, the decline continues into the first week in April 7, 2025 to 1401.
The recent peak of 5,650 in October 2021 was the highest value of the BDI since 2008, but it was less than half of the all-time peak value of 11,793 reported in May 2008. The all-time low of the BDI was a value of 290 reported in February 2016.
Notes: The Baltic Dry Index (BDI) provides a benchmark for the price of moving the major raw materials by sea. It is an index of average prices paid for the transport of dry bulk materials across more than 20 routes. When these costs go down, goods producers benefit from lower shipping costs, and consumers benefit from lower prices for finished products. Higher values indicate more costly shipping, with impacts on costs for goods producers and ultimately for consumer prices. The BDI is often viewed as a leading indicator of economic activity because changes in the index reflect supply and demand for important materials used in manufacturing. The Baltic Dry Index is reported daily by the Baltic Exchange in London.
Sources: Baltic Dry Index Commodities; Bloomberg
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