The Baltic Exchange’s main sea freight index .BADI , tracking rates for ships carrying dry bulk commodities, fell to a three-week low on Wednesday, weighed down by muted demand in the capesize segment.
Market Highlights
- The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 117 points, or 6%, to 1,832.
- The capesize index .BACI logged a fifth straight session of declines, its longest losing streak in two months. It tumbled down by 336 points, or 10.3%, to 2,940.
- Average daily earnings for capesize vessels .BATCA , which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, lost $2,783 to $24,386.
Maritime Resilience
- Dalian iron ore futures hit five-week highs, and the Singapore benchmark rose for a third straight day, buoyed by China’s additional measures to spur economic growth.
- The panamax index .BPNI rose a point or 0.1%, to 1,649.
- Average daily earnings for panamax vessels .BPWT , which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, gained $9 to $14,840.
- Among smaller vessels, the supramax index .BSIS slipped by 19 points or 1.5%, to 1,247.
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Source: HotCopper
