The Baltic Exchange’s main sea freight index, which measures the cost of shipping goods worldwide, was down for the 8th straight session on Wednesday, slipping about 4.8% to a one-month low of 994 points, as weakness in steel and coal markets pressured the larger vessel segments, reports Trading Economics.
“Weaker steel markets and softer coal trade have led to the pressure and FFAs (forward freight agreements) have slipped as well,” Jefferies said in a note.
The capesize index, which tracks vessels typically transporting 150,000-tonne cargoes such as iron ore and coal, was down for the 8th consecutive session, plunging 8% to a near four-week low of 1,475 points.
The panamax index, which tracks ships that usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell for the 12th day, slumping 1.9% to a more than four-month trough at 969 points.
Among smaller vessels, the supramax index fell 10 points, or 1.3%, to 737 points.
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Source: Trading Economics