The International Maritime Exchange (Imarex) opened the electronic trading to the BDI freight rate futures since 18 June 2008, which attracts more shipping operators to join in the transaction, thus increasing market liquidity, and making the freight rate futures market more efficient. The performance of the freight rate futures is affected by the estimated efficiency of the hedge ratio. An efficient hedge ratio estimation can help capture the dynamic changes of the correlation between the spot and futures prices. In this paper, the BDI and BDI futures are explored, and the sample period is from 24 June 2008 to 7 May 2010. Three alternative hedge ratio estimation models, Minimal Variance Hedge Ratio (MVHR), Constant Conditions Correlation model (CCC) and Dynamic Conditions Correlation model (DCC) are applied and compared The empirical results show that the best performance of in-sample fitting is the hedge ratio estimated by CCC model; but the hedge ratio estimated by DCC model has the best performance for the out-of-sample data.