Baltic index dips to 2-week low on weaker capesize demand
The Baltic Exchange’s main sea freight index fell for a sixth-straight session on Wednesday, as demand for capesize vessels fell.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 68 points, or 4.5%, to a two-week low of 1,460.
The capesize index slid 284 points, or 9%, to 2,883.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $2,007 to $20,645.
The panamax index rose 48 points, or 3.4%, to 1,443, having risen for an eleventh-straight session.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $381 to $11,559.
The supramax index was flat at 838 points.
Source: Reuters (Reporting by Shreyansi Singh in Bengaluru; Editing by Vinay Dwivedi)