Time series analysis is a statistical technique particularly useful to analyze and understand movements in financial or exchange markets such as the Baltic Exchange, a global marketplace for shipping that provides information on freight rates and where the Baltic Dry Index, the central topic of this book, is originated. Time series analysis of the Baltic Dry Index is crucial in the shipping industry for several reasons. It helps to identify trends, patterns, and anomalies. It helps to optimize resource allocation during periods of high or low vessel demand, and it also helps to risk assessment and management during periods of market fluctuations.