Baltic index posts worst day in five weeks on lower vessel demand

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The Baltic Exchange’s dry bulk sea freight index fell on Thursday, marking its biggest one-day percentage loss in five weeks, as demand waned across all segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, lost 73 points, or about 4.2%, to 1,650, its worst day since Nov. 17.

The capesize index (.BACI) fell 171 points, or about 6.1%, to 2,626, a day after hitting its highest since July 19.

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $1,422 to $21,775.

Meanwhile, Dalian iron ore edged higher on Thursday, buoyed by hopes of improved steel demand in China in 2023, as Beijing seeks to ensure economic growth, even as local COVID outbreaks curb industrial activity and consumer demand.

The panamax index (.BPNI) fell 35 points, or about 2.2%, to mark its worst day in more than four weeks at 1,563.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $308 to $14,070.

The supramax index (.BSIS) shed 20 points to 1,083.

Source: Reuters

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