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A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport ( truck , ship , train , aircraft ), the weight of the cargo, and the distance to the delivery destination.
The Freightos International Freight Index was first launched as a weekly freight index in early 2017. [7] The Freightos Baltic Index has been in wide use since 2018. [8] It is currently the only freight rate index that is issued daily, and is also the only IOSCO-compliant freight index that is currently regulated by the EU (in particular, the European Securities and Markets Authority).
Baltic Dry Index 1985 - 2022. 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.
When demand is higher than capacity, carriers have the negotiating power for rates. Outbound Tender Volumes (OTVI.USA) are on a 6-week upward trajectory after spending most of 2019 below 2018 levels.
WTI was founded in 1989 under the name Welborn Transportation by owners, Stephen Rumsey and Miller Welborn whose fleet of 12 flatbed owner operators hauled freight throughout the Southeast. [2] In December 1997, Boyd Bros. Transportation merged with Welborn Transportation and later changed the Welborn name to WTI Transport, Inc. [ 3 ]
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).
Given freight is intangible, there is no physical delivery. Rather, the contracts settle in cash against the arithmetic average price of spot freight published by the Baltic Exchange. The Baltic Exchange, on a daily basis, publishes a number of freight assessments for various shipping routes reflecting the prevailing level of shipping rates.
Trucking achieved national attention during the 1960s and 70s when songs and movies about truck driving were major hits. Truck drivers participated in widespread strikes against the rising cost of fuel, during the energy crises of 1973 and 1979. Congress deregulated the trucking industry with the passage of the Motor Carrier Act of 1980. [6]
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