Baltic index falls for eighth straight session as demand across vessels slows


The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell for an eighth straight session on Thursday, weighed down by easing demand across vessel segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 105 points, or 6.8%, to 1,428, its lowest in more than four months.

The capesize index slumped 209 points, or 7.6%, to 2,517, its lowest since June 28.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $1,887 to $20,330.

The panamax index dropped 45 points, or 3.2%, to 1,340, extending its losing streak to an eighteenth straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $361 to $10,764.

The supramax index shed 61 points to 865.

Source: Reuters



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