Baltic index drops to near 6-month low on weaker vessel demand
The Baltic Exchange’s main sea freight index declined for an 11th consecutive session on Wednesday, and nearly touched a six-month low, pressured by falling rates across all vessel segments.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, slipped 60 points, or 4.7%, to 1,221, its lowest level since June 21.
The capesize index fell 137 points, or 6.1%, to 2,103, its lowest level since June 20.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, dropped $871 to $15,695.
The panamax index was down 81 points, or 5.7%, at 1,340, marking its biggest percentage fall in over ten months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $653 to $10,730.
The supramax index fell 17 points to 785.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Amy Caren Daniel)