The Baltic Exchange’s main sea freight index, which measures the cost of shipping goods worldwide, was down for a third straight day on Wednesday, falling about 3.8% to a one-week low of 1,138 points, amid weak demand for larger vessel segments, reports Trading Economics.
Baltic Dry Index
The capesize index, which tracks vessels typically transporting 150,000-tonne cargoes such as iron ore and coal, slipped 6% to 1,822 points; and the panamax index, which tracks ships that usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined for the 7th straight session, falling 2.9% to 1,058 points.
“In the Atlantic, grain trade activity was sluggish, while in the Pacific, public holidays in China further contributed to the downward pressure,” shipbroker Intermodal said in a weekly note referring to the panamax segment. Among smaller vessels, the supramax index rose 6 points to 752 points.
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Source: Trading Economics