In this study, a multiple OLS regression was applied in
order to analyze the relationship between the Baltic Dry Index
and the most important determining factors of the dry bulk
market rates, namely the worldwide dry bulk demand, the
worldwide dry bulk supply and the worldwide gross domestic
product. The annual data series of Baltic Exchange Dry Index,
worldwide dry bulk demand, worldwide dry bulk supply and
worldwide gross domestic product for the period 1985 – 2012
were used for the empirical study. Data were collected from
Baltic Exchange database and UNCTAD database and the
analysis was performed with EViews 7. This kind of analysis