Baltic Index Logs Slipping Vessel Rates Fall The Lowest

• The Baltic index dropped by 147 points hitting its lowest point since Nov. 
• This index has seen a continuous decline for the 19th consecutive session.
• Houthi militants’ increased attacks on vessels in the Red Sea have impacted the Suez Canal trade route.

The index dropped by 147 points (7.3%) to 1,875, hitting its lowest point since Nov. 23, reflecting multi-week lows across vessel segments—Capesize, Panamax, and Supramax, reports Hot Copper.

Capesize Index (.BACI)

Saw a significant 350-point decrease (9.7%) to 3,249, marking its largest daily fall since Dec. 7. Average daily earnings for Capesize vessels declined to $26,941, a $2,910 drop.

Panamax Index (.BPNI)

Experienced a 71-point fall (4.4%) to reach a two-month low of 1,534. The average daily earnings for panamax vessels decreased to $13,810, a drop of $639.

Supramax Index (.BSIS)

This index has seen a continuous decline for the 19th consecutive session, dropping by 32 points to 1,162.

Factors Influencing the Drop

Iron Ore Futures

Declined for the fourth straight session. Steelmakers in China, the largest consumer, remain cautious in restocking due to sluggish steel demand.

Security Concerns in Red Sea

Iranian-backed Houthi militants’ increased attacks on vessels in the Red Sea have impacted the Suez Canal trade route. Consequently, some shipping companies have redirected vessels to sail around southern Africa, although this route is slower and more costly.

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Source: Hot Copper

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