Baltic index falls to over 6-month low as vessel rates drop

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The Baltic Exchange’s main sea freight index continued its losing streak on Monday, falling to its lowest in more than six months as demand across vessel segments dropped.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell 20 points, or 1.8%, to 1,103, its lowest since June 17.

The main index was down for a fourteenth-straight session.

The capesize index dipped 4 points, to 1,954 — its lowest in more than six months.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, slid $85 to $14,366.

The panamax index dropped 47 points, or 3.9%, to 1,154, its lowest since Nov. 27.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $384 to $9,228.

The supramax index fell 15 points to 728.

Source: Reuters

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