Baltic index drops for fifth session on slowing vessel activity
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, slipped for a fifth straight session on Thursday, as dim demand across all vessel segments continued to weigh on the index.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, dropped 36 points, or 1.9%, to 1,861.
The capesize index fell 113 points, or 3.5%, to 3,081, touching a one-week low.
The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, declined by $715 to $25,123.
The panamax index fell for a third straight session, shedding 27 points, or 1.4%, to 1,861.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, dropped $209 to $14,923.
The supramax index edged lower by 2 points to 1,224.
Source: Reuters (Reporting by Nakul Iyer in Bengaluru; Editing by Shailesh Kuber)