Baltic Dry Index Near Multi-year Low

January 16, 2023

The Baltic Exchange's main sea freight index was unchanged on Monday, languishing near the multi-year low touched last week, as a slight uptick in rates for larger vessels countered a fall in the supramax segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was flat at 946 points.

© InfinitumProdux / Adobe Stock
© InfinitumProdux / Adobe Stock

The capesize index gained 12 points, or about 1%, to 1,311.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $104 at $10,874.

The panamax index snapped its 15-session losing streak, gaining 2 points, or about 0.2%, to 1,071.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $18 to $9,636.

Among smaller vessels, the supramax index fell 13 points to 673.

Iron ore futures fell as reports of an increase in COVID-19 deaths in top steel producer China reignited concerns over demand.


(Reuters - Reporting by Harshit Verma; Editing by David Goodman)

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