- Baltic index fell 8 points, or 1.3%, to 623 on sluggish panamax demand.
- The panamax index shed 37 points, or 3.7%, to 970.
- The capesize index was up 18 points at -293.
- The supramax index inched 4 points higher to 754.
Weaker panamax vessel rates pushed the Baltic Exchange’s main sea freight index to a one-week low on Monday, reports Reuters.
The Baltic index fall
The Baltic index fell 8 points, or 1.3%, to 623, marking its biggest daily fall since Feb. 7 and its lowest level since March 9. Index got hit by weaker rates for panamax vessels, which outweighed an uptick in demand for the capesize and supramax segments.
Panamax
- The panamax index shed 37 points, or 3.7%, to 970, also posting its worst day in over a month.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes-70,000 tonnes, declined $329 to $8,732.
Capesize
- The capesize index was up 18 points at -293.
- Average daily earnings for capesizes, which typically transport 170,000 tonnes-180,000 tonnes cargoes including iron ore and coal, dropped by $2 to $2,795.
The fast-spreading coronavirus and strict containment severely disrupted China’s factory production.
Supramax
- The supramax index inched 4 points higher to 754.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Reuters
