Baltic Dry Index Slips on Weaker Vessel Rates
The Baltic Exchange's dry bulk sea freight index fell on Monday, hurt by weaker demand across all vessel segments, with rates for capesize vessels hitting its lowest level in nearly three months.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 37 points, or 2.2%, to 1,684. The index was down for the sixth consecutive session.
The capesize index shed 92 points, or 4.2%, to 2,080, marking its lowest level since Feb. 2.
Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes of iron ore and coal, among others, decreased by $759 to $17,253.
The panamax index was down by 20 points, or 1.1%, to 1,858, its lowest level since April 17.
Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, lost $181 to $16,719.
Among smaller vessels, the supramax index edged down by 3 points to 1,492, snapping a 14-session winning streak.
(Reuters - Reporting by Daksh Grover)