Baltic Index at 4-month Low on Weak Demand
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a four-month low on Monday, weighed down by easing rates across vessel segments.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 22 points, or 1.3%, to 1,675, its lowest since July 3.
The capesize index dropped 4 points, or 0.1% to 2,946 points, its lowest in more than a week. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $51 to $24,586.
The panamax index dropped 36 points, or 2.4%, to 1,477, its lowest since July 3. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $284 to $11,858.
The supramax index fell 40 points to 1,005.
Reporting by Shreyansi Singh