Baltic index falls on softer demand for vessels
The Baltic Exchange’s main sea freight index that tracks rates for ships ferrying dry bulk commodities declined on Tuesday, weighed down by muted demand across vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was down 59 points, or 2.7%, to 2,103, its weakest since March 16.
The capesize index edged down 72 points, or 3.1%, to 2,217, its lowest since March 24.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, among others, lost $605 to $18,382.
The panamax index fell 89 points, or 3.2%, to 2,723, its lowest level since March 17.
The index was also seen falling for the sixth straight session.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, declined $803 at $24,507.
The supramax index fell 35 points to 1,916.
Shipping was on the move again late on Monday in Egypt’s Suez Canal after tugs refloated a giant container ship that had been blocking the channel for almost a week, causing a huge build-up of vessels around the waterway.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Ramakrishnan M.)