Baltic index slides to 9-month low as vessel demand dwindles

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The Baltic Exchange’s main sea freight index declined to its lowest in nine months on Monday, weighed down by shrinking demand across all vessel categories.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, decreased 9 points, or 1.2%, to 765 points.

The Baltic index has fallen for 22 out of the previous 23 sessions, declining to its lowest since mid-April.

The capesize index fell 62 points, or 5.8%, to 1,004 – its lowest since April 29.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, slipped $116 to $9,322.

The panamax index fell 12 points, or 1.6%, to 759 points, its lowest since end-February.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dipped $105 to $6,834.

The supramax index eased 4 points to 566.
Source: Reuters

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