Baltic index extends fall as vessel rates falter
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, extended losses on Wednesday, pulled lower by weaker demand across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 47 points, or 5.1%, at 874, its lowest level since June 2020.
The capesize index lost 133 points, or about 10.7%, to 1,107, a two-month low.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,105 at $9,182.
The panamax index was down 3 points, or about 0.3%, at 1,075.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $27 to $9,672.
Among smaller vessels, the supramax index which has not seen a single day of gains in over a month, fell by 4 points to 657.