Baltic index slips to 6-month low on weakness across vessels sizes
The Baltic Exchange’s main sea freight index dipped to a near 6-month trough on Friday and registered its worst week in more than two months on weakness across vessel segments.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 43 points, or 2.7%, at 1,560 points, its lowest since Feb. 8.
The main index fell 17.7% for the week, its third consecutive decline.
The capesize index lost 69 points, or 4.7%, at 1,411 points, its lowest since April 20. It shed about 32% on the week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $571 to $11,700.
The panamax index was down 16 points, or 0.81%, at 1,967 points, its lowest since July 19. It lost 4.1% in the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $150 to $17,699.
The supramax index fell 47 points to 1,700 points, its lowest since Feb. 7. It shed 13.7% in its worst weekly decline since Nov. 5.
Source: Reuters (Reporting by Deep Vakil in Bengaluru; Editing by Shailesh Kuber)