Baltic index marks biggest dip in over 3 months as capesizes drag
The Baltic Exchange’s main sea freight index, tracking rates for capesize, panamax and supramax vessels, registered its steepest decline in more than three months on Thursday, driven by reduced demand for capesizes.
The Baltic index fell 87 points, or 6.3%, the biggest percentage decline since July 22, to 1,297, which was a trough since Sept. 18.
The capesize index lost 253 points, or 11.7%, its worst percentage decline since May 28, to 1,903.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, dipped $2,100 to $15,781.
Iron ore futures in China rose for a third straight session on Thursday, supported by industry data showing a decline in weekly shipments of the steelmaking ingredient from Australia.
The panamax index inched down three points, or 0.2%, to 1,297.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $29 to $11,671.
Among smaller vessels, the supramax index eased four points to 958.
Source: Reuters (Reporting by Asha Sistla in Bengaluru; Editing by Ramakrishnan M.)