According to a Reuters report, the Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell for a seventh straight session on Wednesday to its lowest in over four months, hurt by lower capesize rates.
How did it happen?
- The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 123 points, or 7.4%, to 1,533, its lowest since July 2.
- The capesize index slumped 249 points, or 8.4%, to 2,726, its lowest in more than four months.
- Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $2,395 to $22,217.
- The panamax index dropped 51 points, or 3.6%, to 1,385, extending its losing streak to a 17th consecutive session.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $404 to $11,125.
- The supramax index shed 48 points to 926 points.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Reuters
