Baltic index falls for 10th session to over 4-month low

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell for the tenth consecutive session on Monday on waning demand across vessel segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 33 points, or 2.4%, to 1,345, its lowest since end-June.

The capesize index was down by 51 points, or 2.1%, to 2,393, its lowest since June 25.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $326 to $19,390.

The panamax index dropped 44 points, or 3.4%, to 1,246, extending its losing streak to a 20th straight session, its longest since January.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $357 to $10,007.

The supramax index fell 28 points to 796.

Source: Reuters

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