Baltic index logs worst month in 3 years on lower vessel demand
The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in three years, weighed by weaker demand across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, inched 1 point higher at 681 on Tuesday.
But the main index has lost 55% for the month.
The capesize index lost 1 point at 532, its lowest in nearly five months.
The index has fallen 76.5% for the month, the worst since August 2022.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $7 to $4,411.
The panamax index fell 8 points to 1,052. It was down 31.5% for the month, marking the fourth consecutive monthly decline.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $79 to $9,464.
Among smaller vessels, the supramax index rose 12 points to 670. But it was down 37% for the month, the worst since January 2020.