Baltic index extends drop on lower vessel rates

ships

The Baltic Exchange’s main sea freight index fell for the 20th straight session to a fresh over eight-month low on weaker demand across all vessels.

The index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, declined 18 points, or 2.3%, to 773 points, its lowest level since April 17, 2019.

The capesize index fell 74 points, or 5.8%, to 1,197 – its lowest since May 8.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, decreased $2 to $9,020.

The panamax index declined 42 points, or 5%, to 803 points, its lowest since Feb. 27.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dipped $386 to $7,223.

The supramax index fell 18 points to 593.

Source: Reuters

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