Baltic index declines for 6th session on weaker vessel rates
The Baltic Exchange’s main sea freight index fell for the sixth straight session to a more than one-month low on Monday, weighed down by weaker demand for all vessel segments.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 24 points, or 1.8%, to 1,293, its lowest since June 17.
The Baltic capesize index dropped 32 points, or 1.5%, to 2,052, its lowest in nearly six weeks.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, declined by $270 to $17,014.
The panamax index slipped 37 points, or about 3.1%, to 1,161.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $337 to $10,449.
The supramax index was down 9 points at 906.
Source: Reuters (Reporting by Shreyansi Singh in Bengaluru; Editing by Ramakrishnan M.)