Baltic Index Hits Near 2-Week Low

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The Baltic exchange’s main sea freight index fell to a near two-week low on Thursday pressured by a decline in capesize and panamax vessel rates.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 62 points, or 2%, to 3,077, the lowest since April 30.

The capesize index fell 160 points, or 3.4%, to 4,549, its lowest since April 27.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased by $1,331 to $37,724.

The panamax index fell 50 points, or 1.6%, to 3,017.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, decreased by $452 to $27,154.

The supramax index was up 14 points at 2,283.

Source: Reuters

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