Freight indices

Baltic Dry Index (BDI)

The headline dry-bulk index. Published by Baltic Exchange (London) daily. Composite of four sub-indices: BCI (Capesize), BPI (Panamax), BSI (Supramax), BHSI (Handysize). Broker-panel poll of representative time-charter and voyage-charter rates on 25 key trade routes.

Range history: All-time high 11,793 (May 2008 iron-ore + coal boom). Low 290 (Feb 2016 China commodity slump). 2024 range: ~1,000-2,500. Serves as a leading indicator for global commodity demand.

BCI / BPI / BSI / BHSI sub-indices

Each tracks its ship-size segment on canonical trade routes. BCI on Cape routes (China → West Africa iron ore, Brazil → China iron ore). BPI on Panamax coal + grain routes (US Gulf → Japan, Australia → China). BSI on Supramax minor-bulk (bauxite, grain, cement). BHSI on Handysize.

HARPEX (Harper Petersen Charter Rates Index)

Published weekly by Harper Petersen (Hamburg). Composite of container-ship charter rates across 7 size segments (700 TEU to 8,500 TEU). Reference for the container-ship time-charter market.

Drewry WCI (World Container Index)

Weekly composite of container spot-freight rates on 8 major routes (Shanghai → LA/Rotterdam/Genoa, LA → Shanghai, etc.). Published by Drewry Maritime Research. Widely quoted in shipper + retailer press because it reflects spot cargo rates directly.

Range history: ~$1,400/40ft baseline pre-2020; peaked $10,377/40ft in Sep 2021 (COVID demand + supply chain congestion); normalised to $1,500-3,000 in 2023-24 before spiking again to $5,900 mid-2024 during Bab-el-Mandeb Cape rerouting.

SCFI (Shanghai Containerised Freight Index)

Weekly composite of Chinese export container freight rates from Shanghai across 15 routes. Published by Shanghai Shipping Exchange. Reference for the container-freight-derivative market.

Baltic Dirty Tanker Index (BDTI)

Composite crude-tanker freight rate index. VLCC + Suezmax + Aframax key routes. Published daily by Baltic Exchange.

Baltic Clean Tanker Index (BCTI)

Composite product-tanker freight rate index. MR + LR1 + LR2 key routes. Published daily by Baltic Exchange.

Worldscale (WS)

Not an index but a rate-quoting SYSTEM used in tanker chartering. Each January, a joint Worldscale Association (London + NY) publishes "flat rates" ($ per tonne) for hundreds of tanker routes reflecting the year's notional cost + return baseline. Actual charters are then quoted as a percentage of the flat rate — e.g., "WS 85" means 85% of the flat rate.

Reading rates: WS 100 approximates "economic" return. WS < 60 means poor market. WS > 150 means very strong. WS 300+ is exceptional (last seen briefly in 2020 tank-storage arbitrage).