Baltic index hits fresh multi-year lows on capesize dip

0
2443

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to a fresh two-and-a-half year low on Thursday, pressured by thin capesize demand.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 26 points, or 3.7%, at 677, lowest since June 4, 2020.

The capesize index (.BACI) lost 82 points, or 13%, to 549, on its worst day in a week, also a two-and-a-half year low.

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $680 at $4,551.

The shipping sector saw “more dramatic than anticipated” drop in capesize rates for the season amid lunar holidays in China, shipbroker Fearnleys said in a weekly report.

The panamax index (.BPNI) rose 10 points, or about 1%, at 1,045.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $91 at $9,409.

Among smaller vessels, the supramax index (.BSIS) fell three points to 645.

Source: Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here