Baltic index hits nine-month low as capesize, panamax rates fall
The Baltic Exchange’s main sea freight index fell to its lowest level since April last year on Monday, dragged by falling rates across the capesize and panamax segments.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 25 points, or 3.3%, to 729.
The capesize index dropped 119 points, or 16.7%, to 593 – its lowest since April 23.
The index registered its 27th straight session of losses, and also its largest daily percentage loss since early April.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $592 to $7,760.
Imported iron ore stocked at China’s ports declined for the third straight week, hitting 127.35 million tonnes on Friday, the lowest since the last week of Sept. 2019, SteelHome data also showed.
The panamax index lost 4 points, or 0.5%, to 866.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined $39 to $7,791.
The supramax index remained unchanged at 560 points.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Anil D’Silva)