FFAs: rocking the boat?

The Baltic Dry Index (BDI), which surged to an all-time high of 11,039 points on November 13, 2007, had fallen by 49% to 5,615 points by January 29, 2008. The drop included, on January 11, the biggest one-day fall (384 points) since records began in 1985. In dollar terms, a charterer wishing to hire a Capesize vessel in November 2007 had to pay as much as $190,000 a day, compared with $85,000 in January.

Analysts had expected the index, a composite of prices for 22 dry bulk routes, to stay high u