Baltic index dips as vessel rates across segments fall
The Baltic Exchange’s main dry bulk sea freight index extended its fall to a second day on Wednesday, as rates across vessel segments weakened.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, declined 119 points, or 2.8%, to 4,013.
The capesize index fell 253 points, or 4.3%, to 5,666.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, declined by $2,102 to $46,987.
Chinese iron ore futures plunged more than 8%, pulled down by sluggish spot market and as restrictions on steel output across the country dashed prospects of restocking demand.
The panamax index fell 75 points, or 2%, to 3,706.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $674 to $33,354.
Among smaller vessels, the supramax index fell 43 points to 3,434.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Vinay Dwivedi)