Baltic index nears three-year low on lower capesize, panamax demand

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to a near three-year low on Thursday on waning demand for capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 11 points, or 2%, at 530, its lowest since June 1, 2020.

The capesize index fell for the third consecutive day, down 42 points, or 13.3%, at 275 — its lowest since early June 2020.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $350 to $2,280.

The panamax index fell 12 points, or about 1.5%, to 818.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $115 at $7,358.

“Market continuing to be depressed with little signs of recovery at the moment,” shipbroker Fearnleys wrote in a weekly report, referring to the panamax segment.

The supramax index rose 20 points, or about 3.1%, to 660.

Source: Reuters

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