Home / Shipping News / Dry Bulk Market / Baltic index edges lower on slipping vessel rates

Baltic index edges lower on slipping vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, extended losses for a sixth consecutive session on Friday, on weak demand across all vessel segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, dropped 6 points, or 0.3%, to 1,855.

The overall index posted its fifth weekly loss in six, closing 3.6% lower.

The capesize index was down by 17 points, or 0.6%, at 3,064, falling for a sixth straight session.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, inched lower by $6 to $25,117.

The panamax index dipped by 21 points, or 1.1%, to 1,840, touching an over one-week low.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, dropped $172 to $14,751.

The supramax index edged lower by 2 points to 1,222.
Source: Reuters (Reporting by Nakul Iyer in Bengaluru; Editing by Shailesh Kuber)

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping