Baltic Index Sag As Vessel Demand Dwindle

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Waning demand across vessels drags Baltic index to over a 2-week low for a ninth straight session, reports Reuters.

Weaker vessel demand

The Baltic Exchange’s main sea freight index fell for a ninth straight session on Wednesday to a two-week low, hurt by weaker demand across vessel segments.

  • The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 27 points, or 1.5%, to 1,779, its lowest in over two weeks.
  • The capesize index slipped 71 points, or 2.4%, to 2,873, its lowest in more than three months.
  • The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $463 to $23,740.
  • The panamax index dropped 25 points, or 1.4%, to 1,770.
  • Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, fell $194 to $14,194.
  • The supramax index edged 7 points lower to 1,210.

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Source: Reuters

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