Baltic index falls to a near 4-year low on weak vessel rates
The Baltic Exchange’s main sea freight index fell to its lowest level in nearly four years, weighed down by lower rates across vessel segments.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 7 points, or 1.3%, to 539, its lowest since April 2016.
The capesize index fell 6 points, or 4.4%, to 129, falling for the 33rd straight session.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $1 to $4,631.
The panamax index fell 22 points, or 3.3%, to 651, hitting its lowest in almost a year.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $193 to $5,861.
The supramax index shed 4 points to 538.
Source: Reuters (Reporting by Diptendu Lahiri in Bengaluru; Editing by Vinay Dwivedi)