Baltic index slips to near 4-month low on weaker vessel demand
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a near 4-month low on Friday as rates fell across vessel segments.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 34 points, or 1.96%, to 1,697, its lowest since July 3.
The index posted its seventh weekly loss in eight.
The capesize index was down by 28 points, or 0.94% at 2,950 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $281 to $24,637.
The panamax index dropped 30 points, or 1.94%,to 1,513, recording its eighth weekly fall in nine.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $238 to $12,142.
The supramax index fell 46 points to 1,045.
Source: Reuters (Reporting by Nakul Iyer and Shreyansi Singh in Bengaluru; Editing by Vinay Dwivedi)