Baltic index falls to 2-week low as panamax, supramax rates slip

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The Baltic Exchange’s dry bulk sea freight index fell to a more than two-week low on Monday, as a decline in smaller vessel rates eclipsed gains in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 12 points, or 0.5%, to 2,277, its lowest since Dec. 24.

The capesize index rose 122 points, or 5%, to 2,554.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $1,014 to $21,181.

The panamax index dropped 108 points, or 3.7%, to 2,849.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $965 to $25,645.

The supramax index slipped 73 points to its lowest level since April 2021 at 2,001.

Source: Reuters

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