Baltic index posts worst day in seven weeks as rates decline
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, posted its biggest one-day loss in nearly seven weeks on Wednesday, dragged lower by falling rates for all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 89 points, or 2.8%- the most since May 28, -to 3,139, the lowest level since June 22.
The capesize index fell 138 points, or 3.8%, to 3,512, the lowest in a week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, dropped by $1,144 to $29,128.
Dalian iron ore futures ticked higher in range-bound trade, while the Singapore benchmark slipped on Wednesday, pressured by concerns about demand prospects for the steelmaking raw material in top steel producer China.
The panamax index dropped 122 points, or 3.1%, to 3,848, the lowest since June 28.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, reduced by $1,104 to $34,630.
The supramax index was down 32 points at 2,833.
Source: Reuters (Reporting by Seher Dareen in Bengaluru;)