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A Tale of Boom and Bust: What Drives Dry Bulk Freight Rates?

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  • David S. Jacks
  • Martin Stuermer

Abstract

As events in the past year have amply demonstrated, volatility in shipping markets is very much back after a period of relative tranquility. Thus, the Baltic Exchange Dry Index, a measure of shipping costs, nearly quadrupled from January to June 2020 as the shocks of COVID-19 first ravaged, then propelled international trade in bulk commodities. Even one-time events, such as the Suez Canal blockage in late March 2021, suddenly roiled global shipping markets.

Suggested Citation

  • David S. Jacks & Martin Stuermer, 2021. "A Tale of Boom and Bust: What Drives Dry Bulk Freight Rates?," Dallas Fed Economics 91398, Federal Reserve Bank of Dallas.
    • Handle: RePEc:fip:d00001:91398
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    File URL: https://www.dallasfed.org/research/economics/2021/0504
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