Baltic Dry Bulk Index Ends Worst Day In Over Three Months
The Baltic Exchange’s main sea freight index declined the most since mid-February on Thursday as shipping rates continued to slump across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, dipped 80 points, or 6.2%, to 1,215 points, its lowest since early March.
The capesize index was down 172 points, or 8.9%, at 1,758 points, a low since April 19.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $1,433 to $14,577.
Dalian iron ore slid to the lowest in nearly six months on sluggish demand concerns around steelmaking ingredient in China.
China’s new state iron ore buyer has been asserting itself in negotiating deals for the world’s biggest steel industry, as mills are eager to reduce their iron ore procurement prices.
The panamax index lost 43 points, or 3.6% at 1,141 points, its 22nd session without any gains, also its lowest in over three months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped $381 to $10,272.
Among smaller vessels, the supramax index down 34 points or 3.4% at 980 points, its weakest in three months.