The Baltic Dry Index is published daily by the London-based Baltic Exchange. It measures the average cost to ship dry bulk freight across 20 ocean routes. Its tracks have long been considered a proxy of commodity prices, arcane shipping technicals, changing economic fundamentals, etc. The Baltic Exchange also developed freight derivatives, in particular the freight forward agreement (FFA) that allows shippers and merchants to hedge and lock in the cost of shipping commodities. Today the Baltic Exchange is a key benchmark in the global freight shipping market, compiling and publishing all types of information concerning the industry and freight derivatives. In addition to dry bulk cargo, the Baltic Exchange is also active in a wide range of other types of cargo, including tankers, container ships, and even air freight.

As of Friday, September 16, The Baltic Exchange’s main sea freight index marked its best week in over 7 months, largely driven by a 126% weekly gain in the capesize vessel segment. This is nearly the only hopeful sign for the global economy since the World Bank published its gloomy forecast, and consumer prices in the U.S. indicated higher chances of further Fed’s monetary tightening.

The overall index, which factors in rates for capesize, Panamax and Supramax shipping vessels, recorded its third weekly gain of about 28%, also highest – in this case since mid-February. The capesize index posted a weekly gain of about 126%, its highest in over two years. However, it snapped a five-day winning streak, losing 118 points, or about 7.2%, at 1,519. However, the dry index snapped its seven-day long gaining streak, losing 59 points, or about 3.7%, on its worst day in over two weeks, to 1,553.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, fell $981 to $12,599.

The panamax index posted a 6.7% weekly gain, its second consecutive weekly gain. However, it fell for the second consecutive session and was down 100 points, or about 4.8%, at 1,990. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $900 at $17,913.

Around 82 ships with 418 seafarers remain stuck around Ukrainian ports despite the opening of a U.N.-backed sea corridor to ship grains with efforts to get the mariners sailing still stuck, shipping industry officials said on Thursday.

The supramax index (BSIS), in its turn, rose for the 4th consecutive session by 22 points to 1,551.