Dry bulk freight rates surged to a 19-month peak on November 20, sustaining an upward trajectory by reaching 2 295 points on Drewrys Baltic Dry Index BDI by November 24.
The maritime intelligence consultancy adds that the momentum behind the BDI also shows no indications of slowing down.
This surge in the BDI, last experienced in March 2024, is largely driven by robust demand for minor bulk commodities such as aluminium, cobalt, graphite, lithium, manganese, nickel and silicon, all crucial for the production of batteries and solar panels.