Baltic index falls to 11-month low as rates slide across vessels
The Baltic Exchange’s dry bulk sea freight index dropped to an 11-month low on Tuesday, pressured by weaker demand across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 87 points, or 5%, to 1,644, its lowest level since mid-February.
The capesize index dropped 153 points, or 10.5%, to 1,316, its lowest since February.
Average daily earnings for capesize vessels, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $1,277 to $10,913.
The panamax index slipped 103 points, or 4.4%, to its lowest since April at 2,223.
Average daily earnings for panamax vessels, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $924 to $20,011.
The supramax index eased 24 points to 1,840.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Shinjini Ganguli)