Baltic index falls for eighth straight session on sluggish capesize demand
The Baltic Exchange’s main sea freight index fell for the eighth session in a row on Tuesday, as the capesize segment hit an over three-month low.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, slipped 40 points, or 2.2%, to 1,806, its lowest in two weeks.
The capesize index slumped 103 points, or 3.4%, to 2,944, its weakest in more than three months.
The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $828 to $24,203.
The panamax index fell 24 points, or 1.3%, to 1,795, its lowest since Oct. 7.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, fell $198 to $14,388.
The supramax index inched down 4 points to 1,217.
Source: Reuters (Reporting by Shreyansi Singh in Bengaluru;)