The Baltic Exchange will
launch a new dry bulk
cargo composite index on Monday, November 1. The BDI is a composite of the existing Baltic Handy Index, Baltic Panamax Index (BPI) and the Baltic Capesize Index
. It will provide a valuable general indicator for those with mixed fleets and will continue the function of the Baltic Freight Index (BFI), due to be replaced by the BPI on November 1. The BFI has been the price settlement mechanism for BIFFEX, the freight futures contract traded at the London International Financial Futures and Options Exchange.