- The Baltic Exchange Dry Bulk Index declined by 52.5% in 2024, its worst performance since 2014.
- All vessel categories, including capesize, panamax, and supramax, recorded weaker rates.
- Minor gains were observed on the final trading day of the year, with the index inching up by three points to 997.
- Iron ore futures showed resilience, supported by pre-holiday restocking and hopes for economic stimulus in China.
As reported by Marine Link, the Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships transporting dry bulk commodities, recorded its sharpest annual decline since 2014. The index, consolidating rates for capesize, panamax, and supramax vessels, inched up by three points to 997 on Tuesday but ended the year with a significant 52.5% drop.
Temporary Suspension of Reporting
Due to the post-Christmas and New Year holidays, the Baltic Exchange will suspend reporting until January 2, 2025.
Performance of Capesize Vessels
The capesize index rose by 15 points to 1,147, reflecting a minor recovery. However, it experienced a sharp annual decline of 66.7%. Average daily earnings for capesize vessels, which are primarily used for transporting bulk commodities such as iron ore and coal, increased by $128 to $9,516.
Iron Ore Market Trends
Iron ore futures prices gained for the second consecutive session, supported by pre-holiday restocking among steelmakers and revived hopes of stimulus measures in China, the world’s largest iron ore consumer.
Panamax Vessel Performance
The panamax index rose by eight points to 988, but its annual performance dropped by 48.7%. Daily earnings for panamax vessels, which typically carry coal or grain cargoes of 60,000 to 70,000 tons, showed a modest increase of $68 to $8,888.
Supramax Segment Weakness
The supramax index, tracking smaller vessels, fell by nine points to 923, marking its lowest level since August 2023. Over the year, the supramax index recorded a 32% decline.
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Source: Marine Link
