According to a Reuters report, the Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, stretched its losing streak to an eighth straight session on Monday, hurt by lower rates for Capesize vessels.
How did it happen?
- The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 1 point to 2,311 points. The index has fallen for eight straight sessions.
- The capesize index dropped 9 points, or 0.2%, to 4,538 points.
- Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $5 to $34,001.
- The panamax index was unchanged at 2,133 points, after snapping a six-session losing streak on Friday.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were unchanged at $17,077.
- The supramax index inched down 5 points to 1,294. (Reporting by Anjishnu Mondal in Bengaluru; Editing by Maju Samuel)
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Source: Reuters
