The Baltic Exchange’s main sea freight index rates for ships carrying dry bulk commodities fell for the third consecutive session on Friday due to poor demand across nearly all vessel segments.
- The overall index fell by 11 points, or 1.92 percent, to 563 points.
- The dry cargo shipping industry has been affected by the global commodities meltdown, of ship deliveries and more vessels are expected to become operational in the coming months.
- The Baltic index is an indicator of global industrial activity.
- The capesize index fell 41 points, or 4.4 percent, to 890 points as average daily earnings for capesize vessels fell $326 to $7,863. Capesizes typically transport 150,000-tonne cargoes such as iron ore and coal.
- The panamax index, for ships that usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped five points, or 1.14 percent, to 433 points.
- Average daily earnings for panamaxes fell by $47 to $3,458.
- Among smaller vessels, the handysize index remained unchanged at 286 points, and the supramax index fell one point to 469 points.
Source: Reuters (Reported by Nithin Prasad in Bengaluru. Edited by Jane Merriman)