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The Baltic Dry Index (BDI) is a shipping freight-cost index issued daily by the London-based Baltic Exchange. The BDI is a composite of the Capesize, Panamax and Supramax timecharter averages. It is reported around the world as a proxy for dry bulk shipping stocks as well as a general shipping market bellwether.
Prior to the 19th century, transatlantic crossings were undertaken in sailing ships, and the journeys were time-consuming and often perilous.The first trade route across the Atlantic was inaugurated by Spain a few decades after the European Discovery of the Americas, with the establishment of the West Indies fleets in 1566, a convoy system that regularly linked its territories in the Americas ...
The exchange provides daily freight market prices and maritime shipping cost indices which are used to guide freight traders as to the current level of various global shipping markets, as well as being used to set freight contract rates and settle freight futures (known as Forward Freight Agreements or FFAs).
At the time of the passage of COGSA, most cargo was shipped in boxes, crates, and bags. Shortly after its passage, cargo owners determined that cargo could be handled more efficiently if placed on pallets , a process that results in numerous boxes or bags of cargo being consolidated on a single pallet.
Cabotage (/ ˈ k æ b ə t ɪ dʒ,-t ɑː ʒ /) is the transport of goods or passengers between two places in the same country. The term originally applied to shipping along coastal routes, port to port, but now applies to aviation, railways, and road transport as well.
Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. [1] The term shipping originally referred to transport by sea but in American English , it has been extended to refer to transport by land or air (International English: "carriage") as well.
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