Baltic index hits 7-week low on lower rates across vessels

ships

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to a seven week-low on Tuesday, pressured by weaker demand across vessel segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 14 points, or 0.77%, to 1,809 points, its lowest level since Aug. 12.

The capesize index dipped 37 points, or 1.13%, to 3,232 points, recording a fifth consecutive fall.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $81 to $24,321.

“Continuing trade tensions between the U.S. and China aren’t likely to leave much room for further improvement to be seen on key dry bulk trades,” Allied Shipbroking said in a note on Monday.

The panamax index dropped 21 points, or 1.19%, to 1,745 points, touching its lowest level in nearly three months.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $167 to $13,973.

The supramax index declined 17 points to 1,231 points.

Source: Reuters

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