Baltic Slips To Over One-Week Low On Easing Capesize, Panamax Rates
The Baltic Exchange’s main sea freight index fell to its lowest in more than a week on Friday, weighed by weaker demand for capesize and panamax vessels.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 25 points, or 1.5%, to 1,675, its lowest since Feb. 16.
The capesize index slipped 32 points, or 2.2%, to an over one-week low of 1,439. The index is down 16% for the week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $269 at $11,934.
The panamax index dropped 68 points, or 3.1%, to 2,140, extending its losing streak to a seventh straight session.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down by $612 at $19,256.
The supramax index rose 12 points to 1,878, its highest level, as per Refinitiv Eikon records going back to April 2017.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Amy Caren Daniel)