Baltic index hits over 1-month low on easing capesize, panamax demand

Capesize-Vessel

The Baltic Exchange’s main sea freight index fell to a more than a month low on Wednesday, dragged down by weaker capesize and panamax rates.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 121 points, or 7.6%, to 1,473, its lowest since June 17.

The Baltic capesize index dipped 303 points, or 11.1%, to 2,426.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, was down by $2,515 at $20,120.

The panamax index dropped 80 points, or about 5.7%, to 1,335.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined by $724 to $12,012.

However, the supramax index rose 3 points to 932.

Source: Reuters

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