Baltic index posts fourth weekly fall as capesize rates drop
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth straight week as rates for capesize vessels slumped.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 38 points, or about 4.7%, at 763 — its lowest in over two-and-a-half years.
The index lost about 19.3% during the week.
The capesize index lost 106 points, or about 11.9%, at 787. It posted a weekly fall of 39.4%, the worst in about five months.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $875 at $6,529.
The panamax index was down 11 points at 1,060. The index was down about 0.8% for the week, marking its fifth straight weekly fall.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $97 to $9,544.
Among smaller vessels, the supramax index fell 2 points to 652, its lowest since mid-June 2020.