Baltic index hits 2-week low

Capesize-Vessel

The Baltic Exchange’s main sea freight index fell for a seventh-straight session and hit an over two-week low on Thursday, weighed down by sluggish demand for capesize vessels.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 72 points, or 4.9%, to 1,388, its lowest in over two weeks.

The capesize index slid 285 points, or 9.9%, to 2,598.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $1,871 to $18,774.

The panamax index rose for a twelfth-straight session, adding 16 points, or 1.1%, to 1,459.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $127 to $11,686.

The supramax index fell 3 points to 835 points.

Source: Reuters

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