Baltic index hits over 2-1/2-year low on weak vessel demand
The Baltic Exchange’s main sea freight index on Friday fell to its lowest since June 2020 as demand across all vessel segments declined.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 30 points, or about 3.1%, at 946.
The index was down about 16.3% this week, its third consecutive weekly fall.
The capesize index lost 50 points, or about 3.7%, at 1,299. It was down about 14.1% for the week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $418 at $10,770.
The panamax index dropped 15 points, or about 1.4%, to 1,069. The index posted its worst week since late-August 2022, down about 17.7%.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $139 to $9,618.
Among smaller vessels, the supramax index fell 29 points to 686.