Baltic index falls on subdued demand for vessels
The Baltic Exchange’s main sea freight index declined for the seventh straight session to a more than one-month low on Tuesday, hurt by weaker rates across all vessel segments.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 29 points, or 2.2%, to 1,264, its lowest since June 17.
The Baltic capesize index slipped 60 points, or 2.9%, to 1,992, its lowest in six weeks.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, declined by $490 to $16,524.
The panamax index dropped 25 points, or about 2.2%, to 1,136.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $229 to $10,220.
The supramax index was down 9 points at 897.
Source: Reuters (Reporting by Shreyansi Singh in Bengaluru; Editing by Ramakrishnan M.)