- The Baltic Exchange’s main sea freight index, tracking rates for capesize, panamax and supramax vessels, registered its steepest decline.
- The decline in more than three months is driven by reduced demand for capesizes.
- The Baltic index fell 87 points, or 6.3%, the biggest percentage decline since July 22, to 1,297, which was a trough since Sept. 18.
- The capesize index lost 253 points, or 11.7%, its worst percentage decline since May 28, to 1,903.
Baltic index marks biggest dip in over 3 months as capesizes drag, says a Yahoo Finance news report.
Capesizes earnings
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, dipped $2,100 to $15,781.
China’s iron ore future
Iron ore futures in China rose for a third straight session on Thursday, supported by industry data showing a decline in weekly shipments of the steelmaking ingredient from Australia.
The panamax index inched down three points, or 0.2%, to 1,297.
Panamaxes daily earnings
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $29 to $11,671.
Among smaller vessels, the supramax index eased four points to 958. (Reporting by Asha Sistla in Bengaluru; Editing by Ramakrishnan M.)
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Source: Yahoo Finance
