Baltic Index Sags Again on Weak Capesize Demand
The Baltic Exchange's main sea freight index fell for a tenth-straight session on Tuesday, as capesize vessel rates hovered near a six-month low.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 34 points, or 2.6%, to 1,281, its lowest since Nov. 21.
The capesize index slid 94 points, or 4.0%, to 2,240, its lowest level since June 20. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $494 to $16,566.
The panamax index was down 44 points, or 3%, at 1,421. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $348 to $11,383.
The supramax index fell 13 points to 802.
Reporting by Shreyansi Singh