Baltic Dry Index Hits Nearly Three-year Low
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to the lowest in nearly three years, pressured by weaker rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13 points, or about 2.1%, to 608, its lowest since early-June 2020.
The capesize index lost 10 points, or about 2.3%, to over a five-month low of 419.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $86 at $3,475.
Singapore iron ore futures fell to their lowest in nearly three weeks, while Dalian prices see-sawed, as traders curbed their optimism about demand prospects in top steel producer China.
The panamax index lost 33 points, or about 3.5%, at 907, its lowest since June 15, 2020.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $297 to $8,159.
Among smaller vessels, the supramax index fell 2 points to 680.
(Reuters - Reporting by Harshit Verma; Editing by Shilpi Majumdar)