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Bulk cargo is commodity cargo that is transported unpackaged in large quantities. It refers to material in either liquid or granular, particulate form, as a mass of relatively small solids, such as petroleum/crude oil, grain, coal, or gravel. This cargo is usually dropped or poured, with a spout or shovel bucket, into a bulk carrier ship's hold, railroad car/railway wagon, or tanker truck/trailer/semi-trailer body. Smaller quantities (still considered "bulk") can be boxed (or drummed) and palletised. Bulk cargo is classified as liquid or dry.
The Baltic Exchange is based in London and provides a range of indices benchmarking the cost of moving bulk commodities, dry and wet, along popular routes around the seas. Some of these indices are also used to settle Freight Futures, known as FFA's. The most famous of the Baltic indices is the Baltic Dry Indices, commonly called the BDI. This is a derived function of the Baltic Capesize index (BCI), Baltic Panamax index (BPI), Baltic Supramax index (BSI) and the Baltic Handysize index (BHSI). The BDI has been used as a bellwether for the global economy as it can be interpreted as an indicator of an increase or decrease in the amount of raw commodities countries are importing/exporting.