Baltic index at near 2-week low as vessel rates ease
The Baltic Exchange’s main sea freight index that tracks rates for ships ferrying dry bulk commodities fell on Monday to its lowest since mid-March, as rates dipped across vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was down 16 points, or 0.7%, to 2,162, its weakest since March 17.
The capesize index edged down 4 points, or 0.2%, to 2,289.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, among others, lost $27 to $18,987.
The panamax index fell 15 points, or 0.5%, to 2,812, its lowest level since March 17.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, were down $137 at $25,310.
The supramax index dropped 32 points to 1,951.
Meanwhile, a huge container ship blocking Egypt’s Suez Canal for nearly a week has been partially refloated, raising hopes that the busy waterway will soon be reopened for a big backlog of ships.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Shinjini Ganguli)