Baltic Index Tumbles Further Low

Slowing global demand and oversupply of vessels drops Baltic Index to a further record low.

The raise in the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser has dropped the overall index to 303 points which is seven points or 2.26 percent less than the previous record.

Focus points:

• Economic slowdown in China is a major factor that has affected the overall shipping industry.
• Huge over-capacity in vessels is one noted factor for the fall.
• Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased by $47 to $2,775.
• Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $15 to $2,275.

Index rates:

Source: Reuters

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